There is an article that appears in today's AFR saying that few market observers were surprised by the capital raising as VPG needed the cash but some concerns have been raised about the dilutionary impact of the move.
The 10c issue price is a 37.5% discount to VPG's closing price of 16c on Tuesday and a 50.7% discount to June 30 2009 pro forma NTA, resulting in a pro forma dilution of 15.4% to NTA.
One fund manager was quoted as saying that there was serious value destruction at these levels.
JP Morgan analysts said yesterday that the issues threatening VPG's survival appear to be clearing but they warned that the group's near-term earnings generation would remain poor.
There is an article that appears in today's AFR saying that few...
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