We all know Knox and co did a crap job - but now at the bottom they reached a new nexus of directions - I think they've actually made the right call this time - they needed to fend of spectre who would have cannibalised the company.
They needed to try and get shareholder value back which can't happen until the debt was lowered and the cashflow from glng allowed to show up in the accounts.
Basically they needed time... the poo went against them the aud/usd went against them and they never hedged when they should have and they never stopped paying the dividend when they should have - they also did not do a CR when they should...
Against all that the shorters pushed the sp down a lot lower than it should have been - Knox is gone..
Holders get to reduce their dilution by taking up rights or selling their rights - Insto is basically buying in for $5.71 - what will Thursday hold? Shorters who bet under $5.50 would need to cover - STO's debt will reduce to $6 Billion which takes any downgrade from S & P completely out of the picture... and unlike specter's bid Hony are showing the money - around $700million paying $5.71 a share after taking into account the entitlements.
It probably is the best they could do and more importantly they have not sold off the family jewels or much at all..
Post-Trading Halt Price, page-62
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Last
$6.98 |
Change
0.050(0.72%) |
Mkt cap ! $22.66B | |||
| Open | High | Low | Value | Volume |
| $7.04 | $7.09 | $6.98 | $56.29M | 8.036M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19356 | $6.98 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.01 | 39795 | 4 |
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| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| STO (ASX) Chart |