they wouldn't cap raise for it. they'd project finance it with debt. the asset and and SGA from Bul as security and cashflow from bul gas sales (plus tariffs from other gas into the pipeline) would fund the debt repayments. project finance can be done with amortisation over a long period (ie, +20 years depending on contractural sales or tariffs. I was involved in financing an MBO (mgt buyout) pre gfc for a recycling asset where management was putting in $3m and the asset value was $1bn. the lesson is with stable, predictable (incl via hedging) cashflows from recession proof assets, you can do a lot with little equity.
BUL Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
