Sorry mate your logic is delusional. Raising equity from shareholders is shareholders both retail and institutional cash. So they blew that up. With more equity raised the returns aren't high so the ROIC or ROE is horrific. Put simply shareholders were getting X for every $ invested in Vocus and now are getting a much smaller portion of X after the company asked for more capital. It's like saying your property portfolio of $1m returned 10% but you bought more property at huge prices and now it's $3m returning 4%. Sure it makes more money bottom line but the ROE / ROIC is 60% lower so likely much better uses for those funds. I'm sure VOC shareholders wished they had of put that equity into other investments!
It doesn't matter how they funded it the deals were done at bullish multiples thus the returns won't stack up. The results to date prove that the deals aren't delivering what management thought and overpaid for.
Lastly VOC is majority retail shareholders so whilst some instos got burnt it's mainly retail mums and dads with Mr Market having a great time on the short side or taking investment banking fees raising money for the Vocus deal junkies.
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