The likely capital raising I expect has already been factored into the SP, but the market could be surprised if the share price of the capital raising is other than expected. Which begs the question - what offer price does the market expect? Given that the market SP has been stuck under 30 cents for most of the past month, I suggest that the capital raising offer price will be sub-30 cents.
News: VAH Air New Zealand agrees to sell 19.98 pct stake in Virgin Australia to Nanshan Grp, page-7
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