Cheers noomxx
…. CIMIC has long been a bete noir for me due to my interest in a civil and mining competitor, and with no evidence, just some knowledge of its’ past tactics, I feel it may even be that CIMIC was hunting Comdain back in late 2018 alongside SSM.
(… simply because the lawyers who acted for Comdain said it had been “a highly sought after target for many companies.”
[ref] )
I am not particularly happy to see it as a ‘finalist’ up against SSM in the LendLease Services bidding - regardless of who wins.
In regards how might SSM fund a purchase of Lendlease
The half yearly report
[SSM FY’21 half yearly results] said :
“Closing net cash was $10.5 million, comprising cash-on-hand of $50.5 million net of borrowings of $40.0 million.
The Group is pleased to announce that it has entered into a new syndicated financing facility to replace the existing debt facility which was due to expire in September 2021.
The new facility has been increased to $275 million for a 3-year term to support future growth opportunities.
The refinance was well supported with an expanded banking group and the offer was oversubscribed.
The new facility provides improved commercial terms and operational flexibility with the ability to further increase debt over time to fund future growth.
So perhaps no capital raise would be required?
Cheers
(20min delay)