This type of sale would have taken a considerable amount of time to organise and finalise , imo the AGM had nothing to do with Citi's decision to sell . The reason for the sale imo is all important. If it is Citi in house risk aversion and correction , not as bad. But as Citi along with the other banks are getting regular updates and " our liquidity position remains finely balanced etc etc " statement , this sale could have massive ramifications to the future of SGH . This is the first bank to sell it's debt , will others follow and if they can not find buyers , what then ? Does this sale improve the balance sheet , now owe only 38% of Citi's lending facility , what ever that amount is. What a mess , the market will hate this.
SGH Price at posting:
36.0¢ Sentiment: Hold Disclosure: Held
