Ann: Growth Activities Boosting Output, page-9

I don't really understand your comment - emboldened to think smaller??? Prior to the mention of small scale transactions they had retained sufficient liquidity for a circa $50m acquisition. Now it turns out that they don't need the debt component, other than for flexibility. If that was the plan all along, why keep this facility open and enter into new (now rolling off) hedges? I don't think anyone saw a cap raising as an option - they would've been absolutely lynched if they'd gone that way. I was honestly expecting them to buy something big using debt and flip out some existing assets for MU's bonus i.e. end up with ~ same production, higher debt, and a paycheck for MU.