So if there is a C/R - how much will be needed, page-8

I am not a holder, however if shares were available as part of a recapitalization package I would be interested.
Ur right ultimately management are responsible for actions taken. The timing of the Jaya acquisition proved unfortunate.
It's too much to say the whole thing is worthless though, that doesn't sound level headed.
Your other points I have mentioned previously, I agree 100m is a big ask and the company is in a difficult position with an uncertain outcome for shareholders. There are lots of companies with management you may consider "good" dealing with more benign business conditions. When evaluating management you need to factor that in as well and most people don't.