Capital Raising, page-134

@blackcap I also got in early so I can sympathise. The first capital raising was used to pay off bonds, the change of control event triggered an option for repayment which the holders chose to take up. The second raising was to pay down bank debt - Crescent has made the financial position strong and depressed the shareprice.
As far as Crescent goes they are looking to return the U.S. business to profitability and then sell their stake in CDD after a few years. It seems like this process is well advanced.
@sailnyssa it's always nice for the price to rise after you bought but it does not mean we were right, any more than the sinking share price meant that we were wrong. How would you be feeling if the share price fell to 20c? It seems impossible right but then I don't understand how it could ever fall to 50c when a reasonable estimate of value is around $2.
You did very well getting shares at that price, I also bought a lot more there too
I think I will be vindicated here also but these things take time. If the shareprice falls again we can't allow ourselves to be bothered by other's errors of judgement.
It's really just my application of Ben Graham's investing philosophy, still the only one that works but only over the long term - years not months.
Appreciate the praise but I think we should be prepared for a few more poor results and a volatile shareprice. The PPI business in particular has been struggling in this oil price environment. Most likely our directors will talk of the uncertain outlook at the final result and buyback shares. That's what I am looking for, their actions speaking louder than their words.