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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$7.64 |
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