The timing of this is somewhat curious, coming one day before the Westpac AGM.
I wonder if Gayle is so deluded that she thinks existing investors whose spare prices are being trashed, will react enthusiastically when she triumphantly announces the success of the raising.
Or perhaps she just wants to avoid the nagging questions about whether the bank has enough capital to survive.
Maybe she wants the uncertainty out of the way, maybe she can identify good opportunities comming up in the future.
If you dont like the music dont dance.
thanks westpac, page-48
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