re: Ann: Chairman's and CEO's Address...
I am very surprised to see the sp holding up so well and happy that that is the case.In theory,with the recent issue the sp should have adjusted down by almost 40% to allow for the dilution of 9 for 14 @50c.When re-financing and issue announcement made late last week, sp was around 70c and now even though the stock is ex entitlement,it is trading around the same level.Bulk of share issue was to institutions with only $25mill to retail,and although I disagree with this,it is a good sign that there are more cornerstone investors now.
The problem with TPI was gearing(debt was around $1.2bill with mkt cap of <$600mill) with stock crashing from very high levels pre GRC to around 50c.2 weeks ago.The banks renewed funding on basis of decreasing gearing which company has now done and I expect better times ahead.
TPI Price at posting:
71.5¢ Sentiment: LT Buy Disclosure: Held
