for gods sake....this company had some bad timing in rolling...

for gods sake....


this company had some bad timing in rolling over their debt. times changed in a very short period and they were forced to do what they had to do. they are in very good position now. Great yield, very strong cash flow, very low debt, high interest cover (significant falls in DAP, massive pullback in explosives demand factored in etc etc). they bought dyno for a steal and the synergy's b/w the two are much higher than the market expected.

Management made one mistake with the debt, but no one really for saw debt markets completely shutting for a prolonged period. They made a tough and unpopular decision to raise money for the sake of the companies future and for the sake of risk reduction in a very tough market. the fact is that IPL are in a significantly better position than they were a month ago and are a lot cheaper. Its annoying it has been sold down but let it stabilize and the market will start to look at fundamentals and see past this situation and forgive management. Lets face it they have been pretty good and conservative managers. This is a very good quality business in my mind.