They are different but highly related, when you're generating significant positive operating cashflow, this should allow debt to be paid down without a capital raising like this (even if it takes a number of years - also refinancing the 2019 maturities should be easy if your track records shows leverage falling and you have a profitable outlook). If there's some Capex bubble occurring or acquisition we don't know about then maybe I would understand a cap raising but this doesn't make sense based on the information we have at hand.
I think Santos is as much a bargain as anyone based on its portfolio, but I'm wondering if maybe the market is correctly applying a 20% discount due to Management's incompetence when I see decisions like this...
Ann: Santos Institutional Placement and SPP, page-9
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$6.98 |
Change
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Mkt cap ! $22.66B | |||
| Open | High | Low | Value | Volume |
| $7.04 | $7.09 | $6.98 | $56.29M | 8.036M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19356 | $6.98 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.01 | 39795 | 4 |
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