Absolutely right, sharemadder. Could be a nasty low ball SP CR surprise. Or it could not be. What will determine that is whether the finance terms are good, bad or average. e.g. if they get debt at 15% pa interest, with bad terms, then the CR will be low to get the required $equity. If the debt is at a good rate, with flexible terms (and by terms, I'm including a good payback structure whereby we can keep as much debt for as long as possible, which means more cashflow to self-fund expansion), then the CR is likely to be oversubscribed by instos, or possibly even a single insto.
Absolutely right, sharemadder. Could be a nasty low ball SP CR...
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