Santos raises equity

The sales process is over and it underwhelmed.

The strategic review is over and it was rather under whelming. Santos announced this morning it would raise $1bn through asset sales and launch a $2.5bn renounceable rights issue at the lowly price of $3.85 for existing shareholders. This isn’t the outcome we anticipated. We thought Santos would sell more assets to raise more cash to reduce debt more substantially.

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