Agree that by and large the directors have done a good job,...

Agree that by and large the directors have done a good job, although the rise from 20 to 50 maybe should have been slowed down if information was available to them earlier. Indeed they really should have informed the market earlier.

None the less I'd imagine that the directors, in particular the chair might have good relations with the banks (important person due to involvement in some big other companies) so this may assist discussions with the banks in a positive way.

I'd be interested to see the broker reports in the coming days to see their target prices. My feeling is that broker targets must significantly reduce and we may see a fresh spate of selling. The price is holding up well at 32 at the moment, I'm quite surprised, but I'd expect this to keep falling to be honest and that is without a diluting cap raising, as I know you are familiar with re your involvement with Cardno CDD, where CDD has had to raise cash to pay off debt at their banks request due to potential earnings covenant breaches.