The Australian, 22 Oct 2008, Adele Ferguson
WHEN GPT rejoins the ASX tomorrow after a two-day trading halt, chief executive Nic Lyons will be a distant memory.
The Singapore Government's GIC will be a cornerstone investor, and the property company will have suffered a hefty dilution in its earnings per share -- after having to go to the market and beg for money.
And the clock will be ticking for chairman Peter Joseph and other long-timers on the board.
After a massive plunge in the Australian dollar in recent weeks, GPT came close to breaching its loan covenants and has been forced to go to the market and raise $1.6billion in equity, comprising a $1.3billion rights issue and a $300 million note issue to Singapore's GIC.
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GPT in $1.6b raising as chief goes - The Sydney Morning Herald, 23 Oct 08
