Ok Aussie Joe, I'm not going to get in an argument with you. Their cash balance largely consisted of prepayments. It's entirely possible they were about to run out of cash depending on the timing of their prepayments schedule and their cash burn rate (the iron ore price was very low at the time). If they were so flush with cash, then why take on even more debt, instead of just replacing the existing debt? We may have to agree to disagree.
With a capital injection does the net worth per share increase? It usually decreases, because the new shares are issued at a discount. Yes net assets increase, but net assets per share is what shareholders are more interested in.
All imo, dyor
Iron Ore Price, page-144
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