Anyhoo, the article, written on 31 Aug, says that IVA had invited top-tier investment banks to pitch a role to advise on funding. Word is, says the AFR, that UBS got the job.
The article says that the IVA 1st half reesults, whilst in line with expectation, also highlighted the extensive delay to the proposed Merlin development, and the likelihood of substantial cost increases over the original scoping study.
Based on cash at the end of June ($87.8m, including $22m in environmental bonds), and a forecast capital profile for IVA, UBS reckons IVA need about $225m of additional capital. _______________
I came across the above article the other day. Dunno if the capital they require will be debt or equity funded, but it could possibly have something to do with the IVA sell-down. Market uncertainty, etc etc.
IVA Price at posting:
$1.58 Sentiment: None Disclosure: Not Held
