Cap Raise and Debt restructure, page-18

This a quite the capital raise. 1.55 billion in a year for shareholders. In my opinion, the companies value doesn't really change, except the risks get shifted from the banks back to the shareholders. As a retail shareholder I don't know which one is worse, being diluted if I don't participate in raising or securing funding via Oaktree Capital.

Personally, I believe this is a better way of doing it as most of the shareholders are institutional anyways and have the dry powder for the capital raise to restructure debt. Their compensation is the discounted SP. If the annual report is to go by ~83% is held by the top 20 shareholders. With Soul Pattison floating around and Bruce Mathieson eager to increase his ownership it will get interesting if there is another retail shortfall. Time will tell. I didn't participate in the last round but I am definitely keen on following the SP of SGR now.

Could get interesting in regards to the price and whether institutional shareholders will let themselves be diluted to other big fish. A fair chunk of uncertainty has dissapeared. Now only AUSTRAC, some class action lawsuits, QW opening, Multiplex lawsuit and whether SGR can get back their licence to go.