@MJS
Well, it looks like we were right about a capital raising, although the reason that this additional capital is being required looks less favourable than one might have expected.
Slide 19, headed "RSS Treatment Centre Economics" is not good news, and it validates your view that they should rather slow down the RSS roll-out in order to for the concept to prove itself.
This, combined with the negligible entitlement offer discount, means it looks like TDM Asset Management - due to the underwriting arrangements - could end up with a big slug of the 3.4m new shares that will be issued. On a positive note, therefore, at least there won't be a lot of loose stock slopping around the place as a result of this capital raising (on the logical assumption that TDM is a believer in the long-term SOM story).
@MJS Well, it looks like we were right about a capital raising,...
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