Kenneth - I applied for more than my entitlement. I think we will get them all.... why wouldn't FXJ accept the extra capital if its there for the taking. I also think that when they announce they raised quite a lot of $ from retail shareholders, it will be seen as a positive for the share price. In the entitlement booklet they say on page 5 "it is unlikely that Fairfax Media will achieve 100% acceptance from all shareholders". What a pleasant surprise for the market when FXJ say they did achieve close to 100%, thanks to blokes like you and I applying for more than our entitlement. At 75c, perhaps the worst is priced in and they'll prove a good long term hold with Net Debt to EBITDA down to a more comfortable 2.4x. I note in today's press that newspaper advertising has held up better than expected - that wouldn't hurt FXJ.
FXJ Price at posting:
$1.06 Sentiment: LT Buy Disclosure: Held
