The $800M is not specifically stated, though it can be inferred from other figures to be in that range.
Broad terms, they are retaining $35M and releasing all other debt - keeping the $40M "capital headroom" funding from March, along with the first £250M from any Watchstone settlement and/or specific UK asset sales.
Equity = Assets - Liabilities and they are just shifting $XXXm from Liabilities over to Equity side.
Using a bit of maths, you can make a case that at a current market cap of $40M (Equity), @96% dilution, they are valuing the company at $1B and their 96% of it at $960M - or at MCap of $35M, they value the company at $875M and their share at $840M...
We know that the outstanding debt was around $770M + the $40M capital headroom.
It kind of doesn't even matter. It could be $700M or $600M or $900M - they have basically said - we'll wipe off MOST of the debt, in exchange for MOST of the company - and all the potential good bits (aka Watchstone) that are currently in the pipeline.
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Ann: Recapitalisation Agreement, page-123
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Last
$49.47 |
Change
0.190(0.39%) |
Mkt cap ! $20.09B |
Open | High | Low | Value | Volume |
$49.50 | $49.58 | $49.00 | $6.986M | 141.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
18 | 327 | $49.46 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$49.48 | 12 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
19 | 249 | 49.340 |
7 | 117 | 49.330 |
9 | 146 | 49.320 |
5 | 98 | 49.310 |
8 | 314 | 49.300 |
Price($) | Vol. | No. |
---|---|---|
49.360 | 302 | 26 |
49.370 | 286 | 9 |
49.380 | 210 | 9 |
49.390 | 458 | 11 |
49.400 | 183 | 11 |
Last trade - 15.05pm 18/09/2025 (20 minute delay) ? |
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SGH (ASX) Chart |