Flanagan, page-14

I imagine the split was relatively mutual. They're equity experts, not debt or corporate structures. They had their SIs take part in a $20m raising only to see the holding drop 50%. I'm sure a lot of the downward pressure was the SIs quickly exiting what they had thought was a free lunch. Memories can be short in this space but I'd think it'll take at least 6-12mths before the SIs would touch BAT again, let alone their retail network.

BATs immediate future will not be from an equity raising. I can't find much on Origin and can only hope they've got the experience and network to setup the deals we need.

Be interesting to see if some of the board members can come through with their own networks to being options to the table.