When you mention 'banks', Australian banks are not involved in the syndicate and the 'Reach' charade. Thank goodness for that, they must have known Ziggy's incompetence beforehand and made the right decision.
The lead arrangers for the Reach loan were Barclays Capital ,Citibank/Salomon Smith Barney, Credit Suisse First Boston, HSBC , JP Morgan, Rabobank Hong Kong, the then Sanwa Bank, now part of UFJ Bank. and UBS Warburg. What an absolute mess.
The syndicate threatened to sue Ziggy and his merry men, when TLS declared they will not take responsibility for the $1.5 billion loan.
By TLS pumping $400 million back into Reach, it will contribute $50 million to the loan.
I tend to agree, there is limited downside when taking the upcoming dividend into account, however debt levels and falling profits is a concern to say the least.
I am neutral in the very short term and bearish in the long term, Ziggy and his merry men have made criminal blunders along the way at the expense of shareholder's funds. Naughty naughty.
'banks stung', page-2
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Last
$3.53 |
Change
0.080(2.32%) |
Mkt cap ! $40.78B | |||
| Open | High | Low | Value | Volume |
| $3.47 | $3.54 | $3.46 | $134.2M | 38.22M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 24 | 372304 | $3.52 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.53 | 560973 | 3 |
View Market Depth
| Last trade - 16.10pm 27/05/2024 (20 minute delay) ? |
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Last
$3.53 |
Change
0.080 ( 2.01 %) |
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| Open | High | Low | Volume | ||
| $3.48 | $3.54 | $3.46 | 10794170 | ||
| Last updated 15.59pm 27/05/2024 ? | |||||
| TLS (ASX) Chart |