Capital Raising

Just going over the recent ann.

 Given the expected EBITDA performance for the full year, the company is exploring whether it will need to implement a capital raising prior to the end of the financial year to ensure the company stays within its bank leverage covenant. In the event a decision is made by the Cardno Board to raise further capital, Cardno’s major shareholder, Crescent Capital, has committed to support the capital raising.  In the event it is determined a capital raising is required, the full proceeds of this will be used to retire debt and lower the company’s leverage ratio. Given the company’s operations remain profitable and operating cash flow generation is positive, the company does not require capital to fund its operations.


Do CDD work on the AU financial year ? Does that mean that if they can see the month out than there's no need for another cap raise and that will remove the cap raise requirement from the table? Perhaps without the need to raise more capital we will finally see a rebound from the share price and a well awaited recover my commence ?

Considering that the last cap raise was done just above these prices what sort of pricing could we expect? Obviously the cap raising will favour cresent. Just wondering if anyone has any thoughts on this?