They raised $750m at 48c a share in November 2014 on the premise of paying down debt, two months later they closed SI at a cost of hundreds of millions of dollars and still ongoing.
I wonder if those investors who purchased at 48c had of known the total cost of the potential SI closure would they have invested in Arrium ? Not sure if it was disclosed by the Board at the time of the capital raising but there is no doubt they would have known that they may have to close SI if iron ore prices kept falling and the significant costs that would go with it.
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