Magle Group: Another piece of the financial restructuring falls into place - Redeye

Redeye comments on Magle's announcement that the board has resolved on the directed set-off issue to bondholders and allotted all shares in the three investor share issues approved at the EGM in late August. The transactions complete the equity leg of the restructuring agreed with bondholders in July and lift the share count to approximately 155.1 million, in line with previous communication. While the restructuring materially reduces indebtedness and removes the remaining implementation uncertainty, the investment case now rests entirely on the operational turnaround under a still leveraged capital structure.

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