I have a positive view on the raising for the following reasons :
1.It clears the RSL overhang.
2.It clears the upwell debt and therefore the possibility of default/bankruptcy.
3.New shareholders are being asked to pay $ 0.12 per share fully underwritten.
4.We as loyal (stupid ?) shareholders get to buy at average price of $0.08 per share.
5.Management are buyers at this price and will have more skin in the game.
6.New management seems to be turning the business round and re-focussing it well (i.e. USA, waste to energy etc).
For those reasons I will be taking up my full entitlement, particularly If price on Friday is north of the 8C (and I think it will be).
Just my thoughts as I may well turn out to be congenitally stupid
