Ann: Galaxy Rights Issue Presentation , page-9

I'm leaning to not subscribing and hoping for administration.

We have a liquidity crisis and they don't tell us:
- who the 16.7 million bank debt is with, and why it gets paid first.
- how we are going to pay the convertibles. Are we praying for a quick asset sale between now and then?
- have we breached any other covenants?

If they scrape through the SPP, and survive, they will be cap in hand again soon. (Give Create director was removed, you have to assume to put option on the convertibles will be used). If at that stage they look viable, the tradable options will provide a cheap re-entry point.

Still haven't made a final decision, but this really is amateur hour stuff for a company in dire straits.