"After the close of the issue, an approximate 30% collapse in the iron ore price, increased discounting of shipments and greater than anticipated financial and trade creditors gave rise to a significant funding shortfall."
Apportioning the blame on the iron ore price is a bit of a cop out given that the rights issue closed in mid-May an the iron ore price had already collapsed.
Shouldn't it should read:
"An approximate 30% collapse in the iron ore price, increased discounting of shipments and greater than anticipated financial and trade creditors gave rise to a significant funding shortfall after the close of the issue."
How these matters escaped the attention of management still remains a mystery.
Ann: Investor Presentation, page-5
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