In the instance of a capital raise, unfortunately given the insto shareholders have been burnt big on RED, I don't think there will be much appetite from these holders. I am not sure a $1.10 would be the right level. I think it will have to be a deeply discounted rights issues (ie sub 80cps) to get sufficient interest from the insto community. And it will be the insto holders who control this process, should it eventuate.
Ann: Quarterly activities report , page-67
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