SBM would need to raise more than A$200m if they keep Gwalia, need to account for working capital for that asset also.
Can't just ignore the debt, it's a reality that SBM has to attend to.
You probably are right in that without Gwalia SBM becomes irrelevant, but the reality is that they are backed into a corner of their own making. Like it or not, the current board (IMO) are dealing with that reality now. Sacking the current board does not alleviate that reality.
Could SBM survive without GMD? I have no idea, my crystal ball is broken, again, IMO it's about risk and risk mitigation.
BTW, SPP = Share Purchase Plan that allows investors to apply for up to $30,000 worth of shares regardless of the size of their holding. I think you mean a Rights Issue?
Why we have to approve GMD deal, page-27
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