time for some realism, page-9

The lingering question in relation to Arrium must surely be - Whatever happened to the $754 million that they raised in September/October of last year? They now expect that net debt will be between $1.75 billion to $1.85 billion at 30th June '15, so it doesn't seem to have gone on debt reduction. In fact they have just refinanced $200 million of it that was due FY 17. Why was that necessary after raising so much equity just seven months earlier? It hasn't gone on capital expenditure - that's down $70 million this financial year.

It seems to have just disappeared into keeping the business afloat. If that's the case, things must have been quite grim late last year. I guess we will know more when full year results are released on 19th August. In the absence of any good news I think it unlikely that the SP will move much. I would love to get out with something to show for the 15 years I have held them.