just read the article in the afr. though you cant believe everything you read, it does all make sense.
sounds like theyre looking for a new major shareholder as banks dont want to swap debt for equity. its that old case: when you owe the bank some money, its your problem. but when you owe the banks a lot of money it can be their problem.
hopefully this can get back on track with a combination of:
- swift recapitalisation - some business sales - bank co-operation
awaiting company annoucnement now. hopefully they dont "do a gunns" and stetch it out over months
nb. my avg cost =35c. so c'mon guys... recap at 36c? haha (sorry wrong thread in original post)
HST Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held