@PatientYou are in the ball park, wrt the notional price...

@Patient

You are in the ball park, wrt the notional price equivalence in terms of market cap. Whether or not 70c per share was a fair price, pre-capital raising, is a matter of opinion and would be a lengthy discussion in itself. Suffice to say that the market has been cold on SKT for quite a while now.Here's how I was viewing SKT's value, back in February (pre capital raise, and importantly pre the impact of covid-19).

https://hotcopper.com.au/posts/42910722/single

However, I think a MC comparison misses a few things. Taking your 70c number as a pre-CR price, we get a pre-CR MC of $305m, as you say. However, at the time the company had substantially more debt than it will have post-CR. My estimate in February was that SKT had net debt of approximately $216m (this is only approximate, as it depends on factors such as SKT's working capital position at the time). But if we run with this net debt, then the net-debt adjusted market price (at 70c per share) (generally referred to as 'enterprise value' or EV) was $305m + $216m = $521m.

Given that the CR will raise $148m (after fees), then on a pro-forma basis, to achieve the same debt adjusted market cap (EV = $521m) will imply a market cap of MC = $521m - $148m = $454m (at its simplest, EV = MC + net_debt). A MC of $454m with the expected post-CR shares on issue (1,746m) implies a share price of 26c.

In short, the CR has added cash to the business to the tune of almost 50% of the market value of the business implied by a pre-CR price of 70c. That's a lot of additional value - and to ignore it is exceedingly unrealistic.

All of that said, the pandemic has clearly impacted SKT's fundamental value - as it has all enterprises that are dependent (to a high degree) on live sports. On the other hand, my view is that the latest update indicates the impact has been much less than what it could have been. Also, I suspect the true 'net debt' position of the business has now improved markedly (after the CR) compared to where SKT stood in February.
I discuss these last two points below.

https://hotcopper.com.au/posts/44818203/single