MPG - Metro Glass

[Rawz]

Taking on $60m of debt as well ‘values’ Metro over $100m

Suppose Jarden couldn’t really say ‘take it or call the administrators in’ ..in other words tell shareholders take the 18 cents or risk zilch

Yes true what a poor situation

So market cap is $33m and net debt $60m (fy23). EV is $93m.
Ebitda is $16.7m.

EV to EBITDA multiple of 5.7 probably not bad for this dog

[Fortunecookie]

The big question is what is happening to that debt. Ultimately it needs to be restructured. No indication aus bus will be sold.

Say they don't proceed with the said offer. When the debt comes due. What happens. Cap raise prior to or the liquidators are called in. The two parties can negotiate then.

The parties are hedging their bets. Suggesting they prepared to offer no more than $75m or there abouts on EV value.

Standard valuation methods don't apply because they are approaching a distressed situation.

Edit: apologies my bad. Ev value max at $100m. But could go down to $75m if liquidated.

[Lego_Man]

We might hear how far ‘conversations’ have gone or just ‘we are aware of that Agreement but know nuthin more but will keep market informed if things happen’

But a bit of excitment anyway and share price might even go higher than My Food Bag’s

What you reckon will happen Balance?

My Food Bag is next cab off the rank for predatory M&A...another story of dog IPO gets crushed down to deep value, gets snapped up.

[winner69]

The big question is what is happening to that debt. Ultimately it needs to be restructured. No indication aus bus will be sold.

Say they don't proceed with the said offer. When the debt comes due. What happens. Cap raise prior to or the liquidators are called in. The two parties can negotiate then.

The parties are hedging their bets. Suggesting they prepared to offer no more than $75m or there abouts on EV value.

Standard valuation methods don't apply because they are approaching a distressed situation.

Edit: apologies my bad. Ev value max at $100m. But could go down to $75m if liquidated.

A 3 for 1 at 10 cents rights would raise about $50m ……ha ha 3 for 1 highlights the problem and says they need some hero punter to step in and pump in at least $30m before a rights issue …or something like that

It seems current shareholders are screwed

[whatsup]

A 3 for 1 at 10 cents rights would raise about $50m ……ha ha 3 for 1 highlights the problem and says they need some hero punter to step in and pump in at least $30m before a rights issue …or something like that

It seems current shareholders are screwed

IMHO they always were from the previous strip out then repackage for the poor sods .

[Fortunecookie]

A 3 for 1 at 10 cents rights would raise about $50m ……ha ha 3 for 1 highlights the problem and says they need some hero punter to step in and pump in at least $30m before a rights issue …or something like that###

It seems current shareholders are screwed

I think a few months ago was looking at a cap raise at 15cents. The primary objective would be to get rid of the debt in its entirety. The moment is probably past and gone. If they did a raise at 10cents and stumped up the difference, it would work in their favour. Yep either way it's a screwed up situation for the existing shareholders.

Still a couple of moving parts and I can't say that I am that familiar with insolvencies in terms of whether they have first claim at negotiations. But I think they are in a strong position to force a decision.

[Rawz]

just sell aussie and repay the debt (or some of it). then can continue on for another few years before we are back to square one again lol

[Fortunecookie]

just sell aussie and repay the debt (or some of it). then can continue on for another few years before we are back to square one again lol

Yep good question, does it solve things.

[nztx]

Someone actually likes the look of a large pile of intangibles now ?

[nztx]

Wonder what Rhys Jones from Vulcan is thinking ..or has he other things on his mind these days.

Pretty skilled at building something from little .. the Vulcan team