Member Info for schwee

Overhanging CF is a loose undertaking to raise £70m of equity by November to repay debt otherwise up to £5m of penalties become due to the lenders. Of course it might be cheaper to pay this £5m rather than the blood sucking underwriter fees.
The Board should give an update of its thoughts, otherwise there could be a false market.

BHP will continue to be quoted on the LSE, so you should be able to deal freely in theory. Woodside allegedly are looking into obtaining a listing in London, but don't hold your breath.

As mentioned previously, a total blackout on the tax consequences of the two deals.

In the announcements on both this and the Woodside deal, there seemed to be no mention of the tax implications for UK shareholders (or Aussie ones). Probably not good news, hence the silence.

If i wanted shares in Woodside, I would buy them in the market, and not have them dumped on me by BHP.

Totally unnecessary change of name, unsurprisingly followed by an underwhelming set of numbers. Cash flow is especially poor.

Usual long winded guff in order to hide poor performance.

Paying 5.625% for 20 year debt seems a bit steep.

I doubt if hedgies/VCs will be tempted. Fraud investigations still to be settled, ongoing asbestos exposures plus of course an unnecessary association with the fossil fuel industry.

Have not the Board got better things to do?
They should stick with Amo, Amas, Amat.

I hope the Directors have negotiated a discount for KPMG's incompetence. The whole world has had to adapt over the past 15 months, but apparently not KPMG. But that is what you get when there is a cosy relationship between the big 4. They need to be broken up.

Always beware any results announcement headline with the adjective 'robust' in it.

A takeover is always a possibility as Card is a classic positive cash flow business in normal times. More likely is a 10% placing with the balance an open offer to make up the £70m equity raise.

At £70m, I am not sure a placing would be in the rules. If a RI, best to get on with it to kill off the uncertainty.

Having made a placing conditional on the successful outcome of the auction, the Directors have gone ahead with the placing anyhow despite coming second in the auction.

Are they mad?

They have clearly fallen for the charms of the commission hungry snake oil salesmen in the City.

Credibility is shot to pieces.

Loss making. All these exceptional charges which are not exceptional at all but business as usual. And another £1 billion of these to come in future. What a shambles.

Perhaps Liontrust have found another buyer in the wings. Even so the current buyer can reduce the 75% super majority to a straight 50.1% majority to get over the line.

Blather about revenues etc, but nothing on debt. Any business only survives on its cash availability, so disappointing that there is a radio silence.

Yet another year of exceptional items which are no more exceptional than you or me getting out of bed every morning. Share is going nowhere until there is a real grip on operating costs.

Any half decent company knows by the minute their covenant position. They are not waiting to the middle of the next month to know. The only reason for a delay is if the lenders need a formal audit of the numbers. And of course there is always the possibility that there is no breach.

Does anybody understand the accounts. One certainty is that they are loss making, and another is that their net assets are in permanent decline. The CEO seems to think his job is to buy and sell assets rather than the boring bit of of the day to day grind of actually running Drax's operations.