The more interesting point is that they have substantially reverted to their Retail holder base to try and raise this time round.
On 26th November 2010 they raised via a 10m placement with institutions at 1.20 per share, which was a 5.9% discount to the SP.
Having burnt these holders they now feel their best chance to raise is a heavily discounted rights issue with is predomiently retail based (due to the low number of institutional holders remaining on the register).
Who has been selling down heavily the last year? - institutions I bet.
Even with the heavy discount I wouldn't be surprised if the retail component is undersubscribed. Management credibility has eroded as fast as the capital base.
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