Forum Archive Index - August 2001

["Viewpoint ." <viewpoint_@hotmail.com>]

Steven - a pretty dismal view of SKC you have painted.

It is pertinent to note that a lot of this spend has occurred since the 
raising of $150M in capital notes last July.

Many commentators questioned why they needed to do this in view of their 
cash flows and strong balance sheet position at the time.

As with many companies who have raised cash through capital notes (Capital 
Properties and Brierleys to name two) it appears as if the $150M burned a 
hole in SKC's managements pockets and they could not spend it fast enough.

The result - a few investments that have diluted the return on capital that 
SKC had achieved in the years prior to this.





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