Ann: Updated Appendix 4E-EHE.AX, page-114

Its not terminal, no... so no bankruptcy

However, the longer they delay the inevitable (Capital Raising to appease the hedge fund doubters) the lower the price will go & the larger discount they will need to provide investors to get the raising away.

The risk therefore is for massive dilution ...

I posted earlier in the week when the SP was c. $3.50 that they could do a raising at $2.50 for 100m & only have 20% dilution at the time... The story is now very different & changes as each day passes.

This is an extremely effective strategy that hedge funds use to 'cover their shorts'. Many people are of the incorrect assumption that they must buy back the stock on market. NO... This is wrong.

For a company with the perception of debt issues, the hedge funds short the crap out of it to force a capital raising. Those same hedge funds with enormous short positions then participate in the capital raising (directly or indirectly by underwriting it) to cover their shorts at a huge discount (more profit) to the last traded price.