Rights Issue?5 Jun 2020 11:53
The point missed in the many posts this am is that there is a high chance there will not be an RI at all. The theoretical rights issue/equity raise less ARCM contribution is around £140m. this is small beer in the grand scheme of PMO debt, potential Zama farm down, and the larger player/producer that PMO becomes from this deal. TD's short term focus is the 'stable platform'. Once that's in place the May21 issue is dealt with and the revolving credit is secure, leaving him to find an extra £140m of debt headroom or new additional lender prepared to stump up £140m at a nice interest rate. The only dilution is likely to be the 8.91% to sort ARCM.