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Thread: KMD - Kathmandu

  1. #1321
    Speedy Az winner69's Avatar
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    Quote Originally Posted by sb9 View Post
    Rod said thanks but no thanks for the offer.
    Rod probably needs that $30m elsewhere

    He’ll have to live with the dilution eh ...19% becomes a lot less.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  2. #1322
    2019 NZ Stock Picking Winner silverblizzard888's Avatar
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    Rod's too much of a prudent business man to risk what he has for more.

    Briscoes has $67 million cash on the balance sheet, with 18.9% shareholding even for this raise Briscoes would have to put in $33 million to maintain their currently holding, never mind a takeover.

  3. #1323
    Legend Balance's Avatar
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    Quote Originally Posted by silverblizzard888 View Post
    Rod's too much of a prudent business man to risk what he has for more.

    Briscoes has $67 million cash on the balance sheet, with 18.9% shareholding even for this raise Briscoes would have to put in $33 million to maintain their currently holding, never mind a takeover.
    His was a script offer from memory? So no cash will be used.

  4. #1324
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    SP will track closer to the issue price. That is the most common way issues go from my experience.

  5. #1325
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    Quote Originally Posted by sb9 View Post
    Rod said thanks but no thanks for the offer.

    don’t think he was impressed at all with rip curl purchase

  6. #1326
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by silverblizzard888 View Post
    Rod's too much of a prudent business man to risk what he has for more.

    Briscoes has $67 million cash on the balance sheet, with 18.9% shareholding even for this raise Briscoes would have to put in $33 million to maintain their currently holding, never mind a takeover.
    He would have been approached under the $30m placement at 50 cents for sure so would have had ample time to carefully consider this capital raise already. Arguably the smartest man in retail in N.Z. That he has declined to participate at just 50 cents gives all shareholders of KMD and other retail companies a valuable insight into the seriousness of challenges he foresees ahead. Hope the underwriters have deep pockets.
    Last edited by Beagle; 01-04-2020 at 01:08 PM.
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  7. #1327
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    Quote Originally Posted by Beagle View Post
    He would have been approached under the $30m placement at 50 cents for sure so would have had ample time to carefully consider this capital raise already. Arguably the smartest man in retail in N.Z. That he has declined to participate at just 50 cents gives all shareholders of KMD and other retail companies a valuable insight into the seriousness of challenges he foresees ahead. Hope the underwriters have deep pockets.
    Rather telling indeed - unless he wants the sp to really tank during and post the capital raise and then, make his move then?

    Not taking up his 'entitlement' means the underwriters are already in the gun for around $35m of the $177m rights issue.

    Looks like sp could drop to 51c - 53c with that kind of overhang!

  8. #1328
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Balance View Post
    Rather telling indeed - unless he wants the sp to really tank during and post the capital raise and then, make his move then?

    Not taking up his 'entitlement' means the underwriters are already in the gun for around $35m of the $177m rights issue.

    Looks like sp could drop to 51c - 53c with that kind of overhang!
    Wouldn't you expect SP to drop after the event below CR-price? It often does unless the company is financially very strong.

    45 cents - here we come :
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    "Prediction is very difficult, especially about the future" (Niels Bohr)

  9. #1329
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    Quote Originally Posted by BlackPeter View Post
    Wouldn't you expect SP to drop after the event below CR-price? It often does unless the company is financially very strong.

    45 cents - here we come :
    Net debt after capital raise will drop to around $80m vs SHF of $780m - so should be okay.

    Only problem is that bulk of balance sheet consists of $635m intangibles!

    No question in my mind that this is a bank forced capital raise.

    Thank goodness KMD has got underwriting in place.

    We do not want another Pumpkin Patch - NZ needs our home grown brands.

  10. #1330
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Balance View Post
    Net debt after capital raise will drop to around $80m vs SHF of $780m - so should be okay.

    Only problem is that bulk of balance sheet consists of $635m intangibles!

    No question in my mind that this is a bank forced capital raise.

    Thank goodness KMD has got underwriting in place.

    We do not want another Pumpkin Patch - NZ needs our home grown brands.
    The word ‘covenant’ was mentioned a few times eh ....that’s the signal
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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