Both Cardno and Crescent are very silent on the debt. By own admission in response statement earnings continue to be weak in the US. They were already close to their debt covenant - would not rule out potential for an equity raising to reduce debt in near term. Given more downside risk in near term I'm selling 50% and buying back after the stock inevitably drops post the Cresent bid.
Ann: Crescent Increases Proportional Offer to $3.45 per share, page-23
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