In order to raise the 2nd half of the hybrid, as a crude example, we would have to issue 10 billion shares at 3c to raise $300m. Or 1.5 billion at 15c. And so on.
Therefore, I can't see that happening unless something major comes before. One could only speculate as to what that might be but without it, a hybrid facility of less than 50% is out of the picture.
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