Ann: TPG Confirmation of Finance , page-7

CharlieMcCarthy,

Your assessment is incorrect. Note 1(c) of their half year report discusses net current asset deficiency and looks to me current deficiency is not true cash deficiency.
They reclassified their bank facility $39.5M to current (previously non-current) that expires in August 2010 (I think this is purely accounting classification as they didnt renew their existing facility in light of transaction with TPG)

Adjusting for this, their true current asset deficiency is $36.4M which is OK given that they recently completed $200M submarine cable and non-current asset up by $112.2M.
PWK generates significant FCF (check out their operating cash flow) and given that submarine cable is completed, there will be no further large capital outlay.

I wouldnt be surprised this $36.4M deficiency is disappeared within next 6-12 months.

TPG placement of $17.6M only represents less than 5% of overall stock. I am sure they would have placed this to somebody if not to TPG based on strong share price.

When a company undertakes $200M project, you would expect high level of debt and equity raisings, but PWK always have delivered strong results and FCF.