It's a capital raising through the dividend reinvestment plan (DRP).
They have:
- Renewed the opportunity to take part in the DRP
- The board is now providing a discount to act as an incentive towards investors
- The company is also issuing new securities, normally they buy on-market and transfer to participants to remove dilution.
All in all, I'm glad they have done what they did for the circumstances. Hopefully now, they reduce debt and start building a small cash cushion. After that it'd be nice to see more upgrades across the properties or potentially the acquisition of more smaller properties like they have done on the Gold Coast.
Following this, if excess capital exists, a share buy-back. However, one must remember that the gaming industry is a very capital intensive industry to operate in. So what I have just listed may take many years.
What would you guys like to see?
Cheers,
Dalto24
It's a capital raising through the dividend reinvestment plan...
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