The pain is being shared. Note also that management is kicking in $25M of their own funds at the same price as other shareholders in support of the raising. This is an extraordinary situation, 13 years ago the capital of the company consisted of 99.6M shares. Prior to the capital raising the comapny has 101M shares on issue, this is not a company whose management has its nose in the trough.
From the announcement on March 23:
Today, the company has also:
• Cancelled its 2020 fiscal year interim dividend. The 40-cents-per-share dividend was
declared on February 27 and a total of $40.1million was to have been paid to
shareholders in April 2020; and
• Implemented a 50% pay-cut for FLT’s senior leaders (Task Force)
Equity raise process, page-8
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