Ann: Trading Halt , page-11

purple, the AFR says that the company will be paying off debt with the raising, but the documents will show if they intend to do other things with it. The cricket is up for grabs at about $20m-$30m a pop.

I tend to look at market cap these days- not just share price around a raising. So, the market cap is $467m now. The raising will add new shares, but the discount is very steep, so I am not sure how they'll change market cap (maths is not my area). The metrics will change, though- be much better when there is less debt and more head room. TEN has lost market share in advertisements again, so they need to drag this back. It's like a turnaround story, and it should start again when they have debt under control. They were very close to their covenant ratio- 3.8X when their max was 4X.