In the circumstances possibly the best solution they can muster. A cap raising would have diluted those that are left into oblivion (if they could have pulled it off). Ellis clearly thinks there is something in the results the JV partners walked away from .. and that is a positive of sorts... but the news flow has pretty much dried up and at this stage I cannot see any light on the horizon .. I guess if there was they wouldn't have needed the money.
In the circumstances possibly the best solution they can muster....
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