A director purchased shares on September 8th, so a near-term cap raise seems unlikely (but not impossible, of course).
The share price has taken another leg down very recently. At current valuations, GDI could sell Westralia Square I at, say, a 10% discount to the most recent independent valuation ($371m*.9 = $334m) and buy the entire/remaining company on market (at current trading price of 60c per share).
GDI's portion of the Autoleague portfolio is worth $137m, and I suspect GDI would get that price if they put it on the market (CPI + 1.0% rental escalations).
With circa $137m, they could pay down $50m debt (reduce debt by 15%) and activate a pretty impactful on-market buy-back with the rest. The current market cap is only $321m.
Based on the earnings call in August, I'd say the market is disappointed that management is pursuing investment opportunities (mining accommodation joint venture), rather than activating an on-market buy-back.
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Last
66.0¢ |
Change
0.005(0.76%) |
Mkt cap ! $354.7M |
Open | High | Low | Value | Volume |
65.5¢ | 66.5¢ | 65.5¢ | $435.4K | 660.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 80630 | 65.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
66.0¢ | 2500 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 50000 | 0.655 |
4 | 13090 | 0.650 |
4 | 9000 | 0.645 |
2 | 21562 | 0.640 |
2 | 32359 | 0.635 |
Price($) | Vol. | No. |
---|---|---|
0.660 | 2500 | 1 |
0.665 | 22500 | 2 |
0.675 | 10048 | 1 |
0.680 | 20182 | 2 |
0.685 | 3500 | 1 |
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