Chimera
Hastie's recent raising of $77m hardly "takes care of debt". This is from their ASX market release of 19 May.
"Hastie Group will continue to have access to committed bank facilities totalling $369 million. Of these facilities
$167 million matures in April 2011 and $202 million matures in April 2013.
Assuming 100% take up under the Retail Entitlement Offer, the undrawn bank facilities (post Offer) are estimated
at $124 million."
I agree that if they come in with earnings of 34c/share they may be attractively priced, but they presumably IMHO went to the market because they were getting close to their banking covenants.
My take is that they are too small for institutional investors and not on the radar of most private investors. Management has delivered in the past so I'll continue to hold for dividends at this stage.
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