Z EVN raised several hundred million via the issue of shares in...

Z

EVN raised several hundred million via the issue of shares in June 2015 which was used to repay their debt (plus leave a cash surplus of $205m), and then had a new finance facility for 800-700m put in place part of which they accessed after 1 July 2015 (ie post the reporting date of the June quarterly) when they needed the funds to actually pay USD550m to Barrick. The finalisation of the purchase of Cowal was reported on 24 July 2015 (see link below) and there would be no point in accessing the funds ahead of the transactions as you pay interest from the day you actually take control of the funds

http://www.asx.com.au/asxpdf/20150724/pdf/42zzzqwvll2gfr.pdf

So EVN has not been misleading in their quarterly report and they mention this borrowing facility in that report.

They basically did what they said they would do in page 3 of this press report

http://www.asx.com.au/asxpdf/20150525/pdf/42yrww9pytyrqs.pdf

However plans changed a bit because the owners of La Mancha (which got shares in EVN in exchange for its assets) insisted on being able to participate in the capital raising (I forget the details) so the ultimate figures that got implemented turned out a bit different from what was originally proposed.

There was no deception or misreporting by EVN. They took on a lot of debt in order to buy Cowal for USD550m (AUD743 assuming the AUD/USD exchange then was 74 cents).

loki