The market backed you up? I'd like to point out as I did on Thursday and Friday whilst winding you up, that there was a reasonable sized Capital Raise at 65.5c. I predicted the SP would end Thurs around that level, but it took until Fri close to get there... 66c. We all know what happens when there is a cap raise... the price tends toward that price for a period of time.
RE the price received for giving up 50% of the project....
100% of the coy was worth $1.4b before the deal, so $700m was half that. We got A$670m cash so we lost some. But if it had been done as a CR, with that value in new shares issued, the discount to the prevailing share price would have haf a similar result for us holders.
RE selling 50% of the project....
Having sold 50% of the project to generate the A$670m equity I can only presume was needed so the ultimate Gearing % would be acceptable to the lenders. It would have been great to sell only, say 20% of the project and borrow the rest, but that wouldnt fly in debt markets as our Gearing would have been yoo high.
So... not a perdect deal but a good deal.
I'd predict with this significant de-risking that SP might well be back at 75c odd in 1-2 weeks. Time will tell.
INR Price at posting:
66.0¢ Sentiment: Hold Disclosure: Held
(20min delay)