Can you imagine the representations made by RFG management to the brokers at Wilsons and Baillieau Holst to get this $22m placement away?
Based on the FY'17 accounts, excluding cash the $22m represents a debt to equity reduction from 53.7% reported to 49.0%, if they use the proceeds to reduce debt.
These firms will not take quietly any miss in forward guidance or YTD performance data at the upcoming AGM due in late November.
Andre Nell and the entire management team must be under great pressure to perform.
Imagine the sellers of the Pacific Hudson business who are looking at a $12m value shortfall on the shares they accepted as partial payment for the Hudson Pacific business in mid 2016.
The AGM will be one of the most heavily scrutinised this season. It will be fascinating to see if Gary Alford sells any more shares ahead of the AGM. And the shorters are not yet finished.
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(20min delay)