Ann: EHE Market Update-EHE.AX, page-43

& there it is ...

2 months after I initially flagged that a CR was inevitable, management get their heads out of the sand & pull the trigger.

I was calling for 100m, but at almost 140m, their troubles must have been a little worse than first thought.

Being fully underwritten by Mac Bank is (again IMO) a huge problem for EHE. Being a rights issue, the uptake from existing shareholders will be no where near 100%, it never is.

This leaves MQG with a huge overhang to sell into the market which will put huge pressure on the price for weeks.

Interesting times, but this is a huge step forward for EHE.