Sell SGL Oz for $360M vs dilution, page-11

Looking at Page 7 of the 2016 results presentation, that shows Normalised EBITDAW, SGL Australia made in (FY16) 35.9m. While the Group made 36.6m.

You would have to be a complete moron to sell of the only good business you have. SGL Australia is a good business - they have a pretty good model, know the market, have good market penetration and generally were pretty successful. Maybe some of their accounting methods and success strategies for improving growth were not brilliant, but it is a reasonably sound business. Oh, and it has reasonably good cashflow, which is absolutely crucial to this sort of company. As a group, it is struggling to be cashflow positive though.

So you are going to have to come up with a better explanation other than to "sell down debt and keep the other rubbish bits of the company." Even assuming you would have a buyer for SGL Australia, who in their right mind would want to own what is left of SGL Ltd? It still would have some debt, most likely, and still have a mess that it is (trying to) cleaning up in the UK.