Looking like we"ll have nearly 3 bn shares, and a market cap about 50% greater than now depending on pricing. But very little net debt. I don't really understand as the project debt (not the GS chunk) carries low interest and a long repayment schedule. New projects don't need much cash for ages, and we have great cashflow.
I don't mind the 2 for 9, but a little peeved about the priviledged fatcats getting the (discounted) 100mm.
As for the cornerstone investor, in light of the above why?
I only hope the cornerstone investor is paying a premium (yeah right) and/or bringing something to the table.
Not really happy, but will suspend further judgement until I see the details.
Looking like the second time this week a company has hit me for a very large sum, ouch, ouch. Find something to sell.
EL
PNA Price at posting:
37.4¢ Sentiment: None Disclosure: Held
