Ann: Cardno Provides Market Update and FY16 Guidance, page-5

I think that the downgrade sucks - especially coming so quickly after guidance was given recently. I am not surprised a crap raise is happening, as I thought we were roughly right near the covenant line previously.

I'm in a position to take up quite a number of shares, so as long as the raise is priced appropriately I will cough up. Might be happy to buy on market if the SP goes underwater as well.

The main thing with Cardno is to look through the cycle a bit. I think the current stage of the cycle is time to buy, and I will sell in the next boom times, whenever that is. Could be a while. I'd hope to get a div twice a year while waiting