Page 46 - Weekend AFR
Like the title "Recapitalisation deal will be worth wait"
Speculating the same stuff - $800m raising @ $1.50 inc right issue and placement to PE.
But, net debt/equity to fall to 51%, interest cover to double to 5 times, 2010 PE of 7.3 times (assume on the $1.50)
UBS notes TPI would be at a hefty discount to peers and ASX 200 Industrials - indicating a fair bit of upside.
Also mentions TPI benefiting from government exclusion of legacy waste from Carbon Pollution Reductio Scheme.
Can't see it with a $1 flag for too long and might even make some $ on a $2.10 entry price. Will likely be worth holding for a while - eg. BSL.
Article speculates deal could be agreed as early as next week.
afr online, page-2
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