What do you all think? Seems good to me, at first glance.
I like the idea of the regional diversification. I also like that there is opportunity to cross-sell - AFAIK the Refractory Services (Crow) is a completely new area for us. Slides said Crow already had Bluescope as a Client in NZ - so SRG'd have a shoe in the door, for Australian work with BSL too I would think. Also the transmission tower and wind turbine maintenance Services seems like a good fit in Australia - we have plenty of both. If this'd also allow (or help) SRG into NZ for dam and bridge construction, that'd be great.
As for the cap raise, I have mixed feelings. Shares touched $1.89 a few months ago, but traded $1.75 to $1.80 for a while. The Cap raise price is ~10% below this - but that seems fine (pretty close to highs, so Management aren't giving the stock away). Unsure whether I'll buy @$1.60 though - I still like SRG as a long term investment and am happy to keep holding it. I have no doubt SP'll go up in time, but I rarely 'average up' my average PPS. Will have to think more on it.
Keen to hear other's thoughts, if you've time.
SRG Price at posting:
$1.68 Sentiment: Hold Disclosure: Held
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