overall it’sa good move. Not for pleb shareholders because they don’t matter in the big scheme of things. The aim probably always was to pump as much money in it as possible from lemming shareholder funds before a sale of the facility at cents on the dollar. Personally I’m speculating that the bank, stressed asset investors and the company have likely been in talks for a while to set such a deal up, hence the waiver of the gearing ratio covenant perhaps? Why would the bank waive the covenant given the company’s horrible canoes and net debt I wonder.
CAN Price at posting:
6.2¢ Sentiment: None Disclosure: Not Held
