This stinks . Small shareholders miss out again
This stinks . Small shareholders miss out again
Don't think the explanation is correct
The presentation says
Subject to demand, scaling to be pro rata based on shareholding as at the Record Date
If 1 shareholder owns 10,000 and another owns 1,000 then the 1st shareholder will get 10 times as many if pro rata applies
Bond debt covenants at the point of being breached? TRA have to move fast to satisfy those greedy backing bankers!
But there is a possibility here that large shareholders miss out as well. (I say possibility because I don't know if the existing large shareholders are either:
1/ taking part in the share placement OR
2/ underwriting the share placement
)
One reason for not doing a straight rights issue could be that one or more of the existing large shareholders does not support such an issue!
SNOOPY
The "margin of error" will be greatly affected by the quality and quantity of further either car yard acquisitions,or roll out of Buy Right cars.
Both the Turners and Buy Right brands make further roll outs easier.
TRA have the capital to develop their own sites,and with finance and insurance systems already in place, any new outlets should be profitable from their first day of trading.