I reckon the banks forced the sale to go through as they wanted out. EBITDA for the half year as $15.5m vs previous half of $45.8m. Debt to EBITDA was 11.5x for the last 12 months. Their average cost of debt has increased 30bps to 4.6%, back in 2017 it was 3.4%. Why would their cost of debt go up 1.2% over 2 years? How else to explain the boards acceptance of such a crap offer?
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I reckon the banks forced the sale to go through as they wanted...
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