Blaming previous management is a sign of a sub standard leader...

Blaming previous management is a sign of a sub standard leader and manager, as an incoming CEO/board the first order of business should be reviewing all projects and identifying areas you may change, once familiar with the projects it is now your responsibility. If you identify issues as part of review flag it at the time and be transparent. Seems like the focus was all on USA acquisitions and winning work on low ball bids. Easy to say this in hind sight but having worked with incompetent managers their first trick is always blaming someone else. Remember FGE was humming when new management came in so for all we know it only then went off the rails.

I read an article that said the share price may have mostly been saved by talk of a 3rd party investor and ANZ still supporting.

A 15% cap raising would only be what, $10 million at best at today's prices. That will hardly pay the directors food bill one would think.