Can I suggest the shorts fear large equity issues.
Shareholders are on the hook to meet annuity obligations, so APRA requires CGF to hold enough shareholders funds to withstand an extreme event.
Assuming CGF is not excessively capitalised at present, CGF will need more shareholders funds if it wants to meet expected surge in demand for annuities .
Am I right in thinking that can only be achieved in two ways; (1) profits (2) increase in share capital?
As the ROE is usually in the range of only 13 - 14 %, it seems to me large equity issues will be needed.
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