My interpretation of the presentation was that they're raising capital to have in the bank should any big opportunities arise, rather than getting their gearing down because it's at risky levels. A lot in about how fragmented the industry is, how many small players may not survive or want to sell out.
Still a good area to be invested in, even with the tiny discount to the current share price. Three bidders just few months ago aren't all going to be wrong!
I do note that new shares are eligible for this half's distribution. Which means if they go ex on the 30th June is a good yield for just 1.5 months holding, or a 7.5 month yield for all of this year's distributions.
NSR Price at posting:
$1.59 Sentiment: Buy Disclosure: Held
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