Ann: Investor Day 2017 presentation, page-86

"10% more shares to spread earnings across will keep ratios very stretched."

But that ignores the acquisition which results in there being more than 10% additional earnings being brought on board; hence: "EPS accretive"


"I expect SP to fall and meet issue price ($13) at a minimum."

Normally, when capital raisings take place then, ceteris paribus, shares resume trading at TERP (which, in this case, is $14.13), and not at the price at which the new shares are issued.

And that's without any accompanying transaction that brings on additional earnings that more than offset the dilution from the newly issued shares.

So why on earth you thought the stock will trade at the issue price is quite baffling.

Maybe its a case of too much African sun.
That, or an element of sheer desperation is starting to manifest itself in the form of flawed logic.