Elsewhere I have posted a Joint Venture scenario between Bright and Synlait. A buy out.
Because I just can't get my head around an equity raise.
I reckon your $60m is way too light - but is a useful reference point.
Bright have said their $130m is to restore short term liquidity. Lets put aside this debt-for-debt deal for a moment.
In November Synlait needs to find $180m. Where is this going to come from. Its not going to come from cash. And given banks want their $130m back its not going to come from banks.
So run your numbers with a $180m cap raise. Or lets round it nicely to $200m
And it can't be at NZ$0.28 or Au$0.255 because thats what the shares are currently trading at. So chuck in say, a 10% discount.
No matter how this is cut and sliced I don't see how it can work.
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27.0¢ |
Change
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Mkt cap ! $59.01M |
Open | High | Low | Value | Volume |
27.0¢ | 27.0¢ | 25.0¢ | $38.17K | 146.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 11959 | 25.5¢ |
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Price($) | Vol. | No. |
---|---|---|
27.0¢ | 4053 | 2 |
View Market Depth
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1 | 3000 | 0.255 |
3 | 35922 | 0.250 |
1 | 4166 | 0.240 |
4 | 28752 | 0.230 |
1 | 46516 | 0.215 |
Price($) | Vol. | No. |
---|---|---|
0.270 | 4053 | 2 |
0.280 | 2588 | 1 |
0.295 | 2100 | 1 |
0.300 | 1894 | 2 |
0.320 | 7500 | 1 |
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