A positive RNS overall, with the company doing the obvious and what some of us said (secure the shaft, then raise the rest.... god knows why they didnt do that originally).
But the sticking point in my mind is the "phased conveyor capacity" - yes, granted we can save $100m, but this phrase caught my attention - thry want to increase from 6.5m to 13.5m tonnes "quickly" ... with their optimised construction conveyor.
I really hope this doesn't bite us in 5 years time... "ohhhh bugger... you know that construction MTS conveyor which we used to save costs instead of installing the shiny new one?... well it turns out it can't carry 13.5m tonnes........"
If it was shown that the company was deliberately ran into the ground for vultures, major shareholders would raise a legal case, which could delay the process by years. Some major players have a lot to lose as it stands.
In terms of what financing routes we have left, well we need a strat partner or two to raise £500m in conjunction with an equity raise (easy).
What good news are you expecting for current shareholders? Strat partner = dilution Equity raise = dilution Rescue package for no equity = cloud cuckoo land Takeover = game over (even adjusting for the £900m of tangible assets on the balance sheet)
When I asked for citation you again made something up in regards to an October announcement.
This is what Fraser said "I'm hopeful that by the end of the October we're in a position where the strategic review will have reached a series of outcomes that we can then start talking about"
It's the most airt fairy non committal sentence in the history of such things.
It also confirms how human beings have the propensity to take things way out of context. What do you want Chris to say?
Halloween RNS "We are still discussing options. We may have something by year end... we are hopeful, because history favours the optimist and if we weren't we would simply pack up our sh*t and go back down under".
"The synic in me has wondered for some time if Boris has been keeping his powder dry on this in order to anounce his support at election time and grease the Tory wheels in the NE when it will have most impact on Tory popularity."
Bottom, you give our Leaders too much credit. They have already classed Thomas Cook in the same bucket as SXX.
Government support is dead. Long live the Capital markets instead.