I would have guessed a very dilutive capital raise would be made. I was attracted to the business because their combined ratio was the best I could find in the world. Now we know maybe it wasn't. Surely there will be a way out of this. I nearly bought back in as well maybe a week late.
Nobody saw this coming as there were no short positions. Also, I thought WAM and the Montgomery Fund were shareholders as well.
ANZ lent them money so they didn't see it.
Peter Harris was EY's Entrepreneur of the year. He also has around $166M in stock. Imagine that evaporating.
I would have guessed a very dilutive capital raise would be...
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