Pretty good summary # Ty Cat Mac... yes it is dilutive for existing SH's and perhaps the market was looking for better terms to be negotiated, but it is what it is so far and yes the return curve has stretched out a lot more now albeit with funding de risked..nothing is perfect and this deal certainly wasn't for those looking only at the short term.
When the dust settles it will be interesting to look at the share register to see who took their money off the table.
Ann: Investor Presentation - Sibanye-Stillwater Investment, page-157
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