No problem if you want to call cash flow 'equity' since it is retained and not paid to shareholders and instead used for PB, but that distinction has nothing to do with my point which concerns the $135m debt finance for PB (if you accept the report's figures) and represents the potential to once again cause the SP to remain largely hostage to dilution.
Why should estimated free cash flow for PB be enough to get debt finance when it wasn't for AN?
Maybe it will be different next time, I don't know, and succeeding with AN should help. However, casual certitude of debt finance in 2017 against estimated free cash flows in 2020 seems optimistic to me when it has to be attempted in a period of copper surplus.
AVB Price at posting:
7.3¢ Sentiment: None Disclosure: Not Held
