"that said, depending on its cash position, it may have the...

"that said, depending on its cash position, it may have the flexibility of repaying some debts thereby improving its gearing level."


if valad cannot raise $70m by september this year, in light of all the recent asset sales, retained earnings and dividends, and cash position, i would be astounded.

the least dilutive way for valad to raise capital now is through asset sales even at a 10-20% discount to book than a heavily dilutive debt for equity swap.

i am astounded and completely disgusted with valad management, and their audacity in announcing they are "favourably disposed" to such a transaction.