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4% cost of raising cash not too bad 13% yield for unsecured notes in that part of the world again not too bad. Warrants could have had a higher strike price but you cant have it all. end of the day it is now financed on an unsecured basis with minimal dilution and tk's mates will be happy with the 40m warrants gained for eventual take over. how many other bonds have we seen with a take over option in them lol they give all the clues but no one looks for them
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