possible recapitalisation scenario, page-15

The "smart money" is not selling out. The share SP has been steadily dropping yes, but on churn of 5-10% of the total issue. There has been no substantial holder notices by the remaining large holders indicating sell out.

The current SP is divorced from the real value. It's just traders playing for a few cents. If a TO was announced you would see the SP rocket. Similarly any issue would be at fair value.

The major shareholders like JP Morgan are not about to let an 80% dilution go ahead at 23.5c. That is dreaming.