Might be a mixed reaction to today's announcement - dilution and lower guidance on the distribution weighing on the downside. There is tacit acknowledgement that the previous ditribution regime was a bit of finacial wizardry and unsustainable and most shareholders in their heart of hearts would belive at current SP the FY08 distributions were "too good to be true". On the positive the intent and strategy is crystal clear and really well communicated. It's prudent with the price of debt soaring and availability shaky to replace with equity. But the real winner IMO is how easliy these guys get funding, they must have some great relationships! It seems they just need to pick up the phone and global players like CPP chuck money at them. I would love to see the CPP valuation - well North of $10 I'd say. I'll be going full freight on the DRP and SPP - be buggered if UBS see a dime of my allocation.
TCL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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