My interpretation of the presentation was that they're raising...

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.