I don't get it, they tell us $39 a barrel is breakeven so with prices above this aren't they already repaying debt out of everyday cash flow (and significant amounts with prices in the 50s at the moment)? Why dilute shareholders with this unnecessary raising? Not to mention the fees / transaction costs associated with this kind of thing.
I fear Santos Treasury and Management are too weak to form their own view when banks and advisers tell them they need to raise because of blah, blah, blah...
Very disappointing and makes you wonder what is really happening in the business...
Ann: Santos Institutional Placement and SPP, page-6
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