Rights issue inevitable imo.
Debt of over $100m and market cap of $140m - trading on an enterprise multiple of 15 times!
Banks will want the debt down to $60m as a minimum in the credit risk adverse environment we have entered.
Printable View
http://www.sharechat.co.nz/article/7...aigs-says.html
Craigs must be reading this site for inspiration?
:D
Got oversold on the way down picked up a few of late - someone seems keen on buying at these levels that’s for sure ....
Looks to be the banks have provided a waiver for the covenant breach on the basis the sales proceeds from the just completed property settlement are used to retire debt. Perhaps that long dreaded CR isn’t quite so likely afterall ....
Now with the possibility of a class action lawsuit regarding the steel mesh fiasco:-
http://home.nzcity.co.nz/news/articl...273131&ref=rss
It looks like in my laymans opinion a quick settlement could be the best way forward?
huge discounted rights issue , must really need the money bad at such a big discount
https://www.nzx.com/announcements/321785