Cool thanks - I was holding Tuesday so assume therefore I'm entitled. That extract of the announcement I posted though created some confusion in my mind as to whether shareholders needed to hold right through to the record date to be entitled.
I just bought a small parcel (approx. equal to what my entitlement would be) at 0.955. This is a bit of a punt at a technical surge if the shorts all get called in. If there is no surge so be it I will hold for future dividends until a good selling opportunity comes up. This raising isn't what I would have done from a capital management perspective, as far as I can tell they weren't under any pressure and paying down debt out of cashflow should theoretically have given greater shareholder value rather than a big discounted equity raising. On the flip side post raising this has become much lower risk and a substantial interest cost cut out of the business.
New strategy seems to employ the 80/20 principle which I'm a big fan of.
Will sit back and watch this now should be an interesting couple of weeks.
All imo dyor
MYR Price at posting:
95.5¢ Sentiment: Hold Disclosure: Held
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