An SBM with 818 million shares on issue without Leonora assets is much much worse than an SBM with 1.3 billion shares but still retaining those assets (assuming CR of 40c to raise $200m, could be less if not repaying the imminent maturing debts). Gwalia was not profitable totally due to mismanagement. I am willing to doube or triple up my holding via SPP at that price, given a condition of firing the current board.
So, don't talk rubbish that SBM is going down without GMD deal.
Look at how RSG trippled share price post pathetic CR of 16c? And look at APX as well, double SP in no time. You stiffle the debt problem, the market will look ahead and focus on opportunities.
I'll say it again, without Leonora assets, SBM will be vanishing with time. The only beneficiaries are the board who are entertaining on the shareholders blood and flesh.
SBM Price at posting:
56.0¢ Sentiment: None Disclosure: Held
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