Trading halt after a 60% price collapse?, page-40

They had quite literally YEARS in which to do a smaller equity raising to strengthen the balance sheet. The market knew they needed it to provide a buffer against Black Swans, the SP was suffering, but ORG insisted on stating publicly that they didn't need to raise equity as their credit rating continued to slide. Right up until about 2 months ago they could have done a raising for $8 or so, and not destroyed existing shareholder equity.

Instead, like passengers on the Titanic who had ample chance to get to lifeboats earlier in the night, they left it all til the last minute when it's far too late. The iceberg, the Black Swan event, was the collapse in oil prices and even then ORG had 9 months' warning and failed to take action.

This is disastrous for holders. In the long run it's good for the company, but this is 60% dilution. The funds and instos on ORG's register must be absolutely spewing, it wouldn't surprise me if they are baying for blood. They could have got away with maybe 20% dilution if they'd done this 9 months ago.