Quick look at what financing is required by HAs to get...

Quick look at what financing is required by HAs to get up...

Assuming the extra $30M capex is all equity (ie slight drop in gearing) based on existing debt expectations of $380M, then the $390M Equity as per May'23 lifts to $420M. Cash ebnd Dec'23 was $42M, Acc Payable probably !$20M (find out in HY accounts shortly), as of Feb'24 they spent $142M capex, leaving a residual of ~$258M equity required to raise (ie $420M less $142M less $20M free cash). Maybe some of that $20M Acc Payble invoices is added onto capex spent to reduce that figure, but meanwhile corp and running costs reduces cash not going to capex, and inflation is ticking over on that capex estimate...

That's a lot of equity when they owe Wyloo $225M in mid-next year, against and investment in NEO Performance shares now worth about half that (ie $75M after selling Neo Shares at market) or ~$150M in accumulated interest and Neo investment losses. So HAS needs to raise ~A$400M in equity to cover Yangi development, non-yangi corp costs and repay Wyloo unpon demand of the con-notes. Maybe Wyloo will take script in liu of the $225M con-notes... but at what price as the deadline approaches i shudder to think. HAS MC currently $90M at 70c ...