Whilst I’m a believer in the long term deleveraging path, the market may force managements hand. We’re entering sitting duck territory and interlopers will come sniffing.
I suspect this is going to force managements hand in to do something. The market assumes it’s a cap raise, hopefully this is not the path forward. They should start by selling the carry loan at a discount in this half.
FWIW is till think the market is wrong on the situation. The capital structure comprises mostly unsecured and covenant free callable bonds, it’s not as though they have a secured creditor breathing down their neck with imminent covenant breaches.
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