Origin's rights issue
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Origin Energy announced a series of cash saving measures, headlined by a $2.5bn rights issue, but also including a cut to dividends, lower capital expenditures and asset sales. All up, an additional $4.7bn of cuts will be made to take total cash savings over the next two years to $6.7bn.
This is partly a response to oil prices that appear more likely to remain lower for longer – the futures curve has flattened, suggesting a new consensus has formed. It is also a preemptive measure to strengthen the balance sheet should current volatility worsen.
The entitlement offer consists of a 4 for 7 renounceable rights issue at $4.00 a share that opens on the 13th of October and closes on the 26th of October. Shareholders who elect not to take up their rights can sell the entitlement on market. There is no need for action at this stage and we'll publish a more detailed review of the proposal and its impact on the business next week. HOLD.
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