From 2019....
What happened to both the equity and debt is a result of a new management team inexperienced in managing expectations and putting short-term politics ahead of long-term financial viability. By dramatically (and unnecessarily) resetting the EBITDA expectations of the market (with the expectation of shifting all blame to Storey's team... i.e. politics) and pursuing top-line growth (in an environment where it is STILL ALMOST IMPOSSIBLE...just like for Storey)...Johnston's team created a negative feedback loop which cratered both equity and debt valuation and put the company is a bigger hole than they one they already were in. DUMB, DUMB, DUMB...
I don't disagree with the tender...as it is likely to lower current payments and extend some of the near-term debt...but I think Johnson's growth strategy and capex plan is a steaming pile of crap.
VG
