capital raising price and amount, page-7

$279million at $3.25 for the capital raising.

What I am afraid is that there may be more write-downs to come in the next 6-12 months. I believe the Waratah project hs more cobwebs left. Their debt to equity levels must be getting dangerous (although a recent refinance would help the cause).

Share price is going to trade near to $3.25 when this opens.I believe it will trade at a premium to $3.25 since there will be institutions to support the $3.25 range in the short term but long term could go below this.

Downer needs management change and will need it quick.

On the other hand could this time of weakness present an opportunity for a takeover?