looking sick, page-9

Marvin is right about the net debt, remember seeing the $40m+ receivable being part of the sale and leaseback arrangement organised years ago.

As for the net debt, circa $18m is for the debentures maturing 30/9 which is to be paid off with the rights issue proceeds. At current sp, the rights issue looks doomed. As such, IMHO, an as yet 'undisclosed' underwriter will have to eventuate.

Unlike some previous posts mentioned, IMHO, there is unlikely to be a late 'push' for the sp closer to the close of the rights issue IF the 'undisclosed' underwriter is to come into a large parcel of 'cheap(?)' shares, which they would otherwise not been able to get their hands on if bought on market.

Will be interesting to see what happens in the immediate months after the rights issue.