couldnt resist this one, page-2

personally i dont like this one, hold at best, prg is a much better company.

However given the negative operating trends in the SPT business, the less than inspiring EPS accretion forecast from the deal, and the pressure it may potentially put on the balance sheet, the move at this time materially increases SPT's risk profile.

Substantial equity raising likely - SPT has indicated that it will fund the cash component of the offer initially through an offer related debt facility. It will then refinance this facility through new bank debt, but it has also flagged that an equity raising is possible. To keep SPT below its 40% (D/D+E) target, i estimate that it may have to raise in excess of $100m post deal.