Originally Posted by
Doyle
Apparently should be a cap raising announcement by the end of next week. But I wouldn't be suprised if its later. Tim Miles said there would probably be an announcement regarding capital raising within two weeks at the AGM. It took more like 6 before they announced the agria deal. So if they are true to form may not be until the end of the month.
Although I suspect alot want to buy, its just too risky until the details of the cap raising are announced. 2 for 3 at 50 cents would raise around 120 million which would leave them a little short. The only obvious asset that is non-core now is NZS and the SP is so low its probably not worth selling it.
I'm guessing it will more likely take the form of a big placement than a rights offer. RPI simply can't partake in a cap raising of this size, so it would have to sell down something to take part (Maybe NZS).
Either way should be interesting.
DISCL: Hold PGW and NZS.