Could all be speculation. Quite. And speculation sourced to the sev.en group....I suggest. Ownership of the 2029 Capital Notes ..not even a majority position in the US$400m issue will be sufficient to 'secure control' as the journalist suggests. An event of default can...through appointment of a receiver and how close are we to that? Unlike the Asset Based loan facility- for which Fitch attributes a senior position over the Notes- the CFO tells us that the Notes are covenant lite. But any action by a would-be acquirer muddy the insolvency water helps their cause ...doesn't it. And, I'm thinking that that it was the would-be acquirer that has been so active ,on- market, since ASX-200 removal day in March in manipulating the share price down. I wont be surprised that the would-be acquirer is sitting on a sub 5% position. Meantime what is Stanwell doing? and the QLD Office of State Revenue in delaying full consideration of CRN's application for deferral terms on their monthly $20m receivable?
CRN Price at posting:
16.8¢ Sentiment: Buy Disclosure: Held
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