Why is the debt restructure such a good outcome? It sounds to me as if they have sold $US15 in shares in order to generate some operating cash because they are in a cash negative position and this temporarily avoids making tough decisions aka "kicking the can down the road".
If my math is right it looks like they have $US205 in total debt yet a market capitalisation of A$145. Sure Book Value may be higher but who wants to buy non performing assets....and what price during a distressed sale?
My next question is who in their right mind would buy at $1.27?
easy back to $2 ps, page-81
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Last
$1.26 |
Change
-0.005(0.40%) |
Mkt cap ! $323.4M | |||
| Open | High | Low | Value | Volume |
| $1.25 | $1.27 | $1.24 | $240.7K | 191.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1920 | $1.26 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.28 | 7667 | 2 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| KCN (ASX) Chart |