Olam, in response to Muddy Water's claims, said that they "have more than enough capacity to meet ... repayment obligations of S$1.5
billion in the next 12 months, as well as ... likely capex of S$1-1.25 billion
in the same period" and that "without raising any further debt (they) can easily meet ... debt repayment
obligations and pursue ... planned Capex, in addition to meeting the on-going
working capital needs." Then, why are they issung bonds-cum-rights now?
This reminds me of CitySpring Infrastructure Trust's claim a few years ago that they did not have to issue rights and that people who said they had to didn't understand their business. It could also be a coincidence that Sunny Verghese was also the chairman of CitySpring Infrastructure Trust then.
Each 1,000 shares owned will get to subscribe for 313 bonds with a face value of US$1.00 each. The bonds have a 5 ......