SGR is raising $750mn at 60c through existing shareholders and an institutional placement, plus they have secured another $450mn line of debt as part of a refinancing package, at this stage, they don’t plan to sell any assets. There is still plenty of uncertainty circling SGR, but we believe the worst should now be in the rearview mirror, although it’s suddenly a long way back to $1, let alone the dizzy $4 area of recent years.
- We believe it’s now or never for investors/traders wanting to catch this falling knife, but it’s not for MM at this stage.
MM is now neutral toward SGR
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