I think OZ' point is that now being required to pay principle + interest, while being positive in terms of debt reduction and overall cost, doesn't give the flexibility that the whole activity was supposedly intended to do.
The flexibility comes from being able to pay with stock; but this is now severely limited by the low price and practically not an option at this time.
In addition to the cost of getting all this done and the low value capital raise, I think I tend to agree that recent moves on the balance sheet side of things haven't really been positive.
Saying that, i think it's all reasonably immaterial to the medium - long term prospects as the P&L and cash generation remains very strong
CM8 Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
