trading halt, page-6

20% discount would seem a tad steep to $3-50 closing.

They would have been much happier getting it away when the sp was $5 before the two day drop took it to $3-50, with that $1+ drop on the last day when the rumours caught hold.

Currently have 198m shares on issue @ $3.50 = $693m market cap. Long term debt $615m. $180m was in USD at balance date, so would now be $80m more in Aud terms. USD revenue won't offset that balance sheet hit.

If they go for $3 to get $200m that would be an extra 66m shares...a serious increase on the 198m now. And fin review says BN family don't want to stump up more cash.

All looks glum in the very short term about this raising, and points to a significant share drop when halt lifted. But they will recover, it must be the worst possible time to try and raise $. Lets see what they come up with, probably might see another extension if B-N's haven't made up their minds?