It would be absolute folly to wait for a share price downward...

It would be absolute folly to wait for a share price downward spiral before a CR. NCM have undrawn debt facilities so I expect no CR in the near future. However, looking at the debt maturity chart, the $1b due in 2015 may be repaid with the proceeds of a capital raising?I would imagine that the Board would like to see the share price move back above $15 and the POG to move back up.

The next couple of months look rocky and negative sentiment is a self-fulfilling momentum builder. Thirty years of reserves, capex reducing substantially and good operating cashflow will ultimately result in NCM being a mover and shaker again.This is a stock to buy now and revisit in a couple of years. Heads will probably roll, the AGM will be ugly but the long-term fundamentals are still there. In the meantime the brokers will downgrade and pump the negative sentiment so how low this will go is anyone's guess in the near term?