Ann: Notification to Eligible and Ineligible Shareholders, page-21

"Every thing i know about this trade ,about running smash repair business's, about owning the largest privately owned heavy MSO tells me this place is a basket case"

I don't know anything about smash repair business, but I think you're right.
If it's a 1 for 2.15 fully underwritten rights issue at 7.5c, the market is currently valuing the shares on issue now (pre-rights issue) at about 2.8c to 3.0c each.
Normally you'd think there's an opportunity somewhere in there with that sort of discrepancy, but I don't think there is. If Canaccord ends up as the largest shareholder there is a big incentive with them though to either get in some cut throat management or else sell off the businesses.