for what it's worth, page-20

Wachito,

I agree with much of what you say, particularly about the bank taking all surplus cash and preventing dividends.

However, I hope you are wrong about the capital raising as I don't particularly want to put more $ into MDT and the amount that could be raised at current prices is very small - at 5c per share on a 1 for 1 this would only raise about $47m which might help the current debt renegotiation but would do little to improve MDTs gearing of 76% (which results from total look through debt of $1,291m - refer 31 Dec 2009 results).

Better IMHO to try to negotiate without capital raising then raise more capital when share price recovers a little from this debt renewal crisis.

But they won't ask my advice so you could be right about capital raising.

Regards
Alf