Raising Money for the Village; FVE Cut to AUD 2.50 per Share
We cut our fair value estimate on Village Roadshow by 17% to AUD 2.50 per share, after incorporating the fully underwritten AUD 50 million entitlement offer which will balloon the share capital base by almost 20%.With a net debt/EBITDA metric approaching 4 times by the end of fiscal 2018, a capital raising was always a possibility. We had believed such an exercise could be avoided given an anticipated recovery in Village's core operations from fiscal 2019 (especially in theme parks) and the eff...
Village Roadshow is principally engaged in the theme park and water park operations, cinema exhibition operations, film and digital versatile disc distribution operations. In addition, Co. had an equity-accounted 50.17% interest in Village Roadshow Entertainment Group Limited which has film production activities, as of June 30 2016.
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