great announcement where is everyone, page-10

pretty underwhelmed.

going to dilute everyone (PEP and non PEP holders) with Im betting no opportunity to participate for existing holders - and for a 20m acquisition why do you need 50m?, when you intend to distribute 22cps (@~186m shares its covered x 2) in the next few weeks and have bought back (with additional headroom to continue) for the last 2 years?.


100m sell down of a 950m stake (84%) - pretty average as well, really only a toe in the water given their existing holding. So no corporate interest / premium, there will remain a PEP overhang, and they will choose timing of trade into future.

Liquidity and asx 300 inclusion positive, can only hope its well traded on volume, price rises and that induces PEP to part with more in the not to distant future.

So we'll see where it goes when it comes out (could be volitile, market really hasnt had the liquidity to support any institution trading their view on valuation, but first pass underwhelmed, was expecting something a bit more definitive whatever avenue they chose.

6% discount means results on tues likely to be as least as good as expected though, so maybe a potential beat there may charge it up