I don't think the 140m impairment charge says it all. It leaves...

I don't think the 140m impairment charge says it all. It leaves me none the wiser, covenants are breached - bank negotiations ongoing.
Surely a large rights issue would be done pro rata. If a substantial shareholder was to underwrite it then increasing their stake is fair recompense.
They can't go beyond 20% without triggering a takeover offer though can they? Last time I was in a situation like that one I ended up with a 20% profit from a takeover and learned my lesson not to take excessive risk.
Slow and steady wins the race.