Loading up the truck, page-2993

Nicek

Spent 8 years lecturing on Corp Finance at Univ Glasgow Business school. ( It was easy - no brains in Glasgow)

The bit where I suggested course participants actually think and tell why the theory is tosh in the real world
was a laugh and a half with yer pants aff . Nearly renamed the courses Finance and HOOT. Still giggle at some of the genius irreverance.

Anyway your point obscures the fact that SGH could take huge dilution and still ensure SP shoots ahead.
Shooting does not always happen overnight .. If this was a very much smaller co it might not hold, but SGH is big bananas and it would be exceptionally hard not to see an average of $200M PAT in it over he next 10 years.
It would be odd if it couldnt grow and ( to me) astonishing ineptitude if it cant make a mateerial dent in borrowings over the next 14.5 months.

Common sense not theory is instructive here. Materially reduced debt will help SGH get back to dull normal.
If they can manage it right it is set to grow after mincontraction ( 90% NIHL and 15%WIP reduction) .
Dull Normal = PER around 12. Currently its 0.5.

As ( most of) my Glasgow masters course participants would have noted....Thats F'ing Amazing. Whit a HOOT.

Mel