An announcement of only extension to Sept 30 IMO may see low to mid 50's and possibly a drop back after that. We really need to see something more substantial, the market wants to see the debt being reduced. ie. Announcement of some asset sales at a minimum, or a large portion of the debt converted into a long term loan (1 year+). If GR can deliver something substantial, it will have a knockout effect for sure.
IMO Now is the time to deliver!
My only concern is that the announcement seems to be focused on an extension only, if there were any asset sales so far - they would have already been disclosed once the sale was final. Therefore, am only expecting the extension plus hopefully a strategic review update. A bonus would be details of any bids received that the board has already knocked back (even if they were unofficial as they have never been disclosed to the market).
A substantial announcement including any of the extras, I would think 65+
CNP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
