IFT price drop of 4%, after announcing a 12.7% share count dilution / capital raise.
Market doesn't hate this deal.
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IFT price drop of 4%, after announcing a 12.7% share count dilution / capital raise.
Market doesn't hate this deal.
Assuming all $850m is raised at $9.20 and holding all else equal, 4% drop is higher than the 1% drop implied by adding the $ onto the market cap and dividing by new total shares. Feels improper to draw a conclusion from the 12.7% share dilution (compared to -4%) while ignoring new cash in business and the likely additional holdings gained at a discount.
Shares 730,270,023 Last 10.10 mkt cap 7,375,727,232 raise shares 92,391,304 raise price 9.20 raise value 850,000,000 New shares 822,661,327 New share price 9.999 new mkt cap 8,225,727,232 Theoretical change in SP -1.00%
I would imagine some people will be selling a portion of their holdings to get it back at a cheaper price in the offer.
Almost back to $10. Institutions and shareholders must have been positive on the proposal
The market disclosure yesterday said that all current shareholders who applied got their full pro rata entitlement.
It's always good to hear when management look after their loyal shareholder base.
Poor Nigel on Sharesies
Applied for $1.115 of shares ….got $58.52 worth …prob all he was entitled to.
The message he got said big end of town got what they wanted and little guys were scaled back
Nigel needs to understand that Infratil only interested in the big end of town and don’t care a stuff about the small shareholders ..in many respects they are a bloody pain in the neck.
Hope Nigel knows he can ask for more under the retail offer next week
I am a current shareholder and received no information relating to application to purchase new shares, anyone know why some shareholders have priority over others?.
Info with offer for shareholders comes out next Tuesday