If you don't buy at $1 then you shouldn't have held at $3
Its only 30% new capital and if you dont take it "they" will.
With a terp at $2.38 (and crescent offer terp at $2.67) $1 should be appealing regardless of dividends (which Crescent made clear would disappear as much as a cap raise was certain (just not happy with the timing - bank a takeover chq then send another out).
Ann: Cardno Provides Market Update and FY16 Guidance, page-27
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