Ann: March 2016 Quarterly Activities Report and Appendix 5B-VXL.AX, page-17

Raiderup - yes I was addressing you. Problems with your 2c worth of suggestions are:

1. The 15% is ASX rule 7.1 and can be overridden by a vote at a general meeting. Problem is that new shares are usually issued at at around the current SP; 15% would only raise $888.9k, less the cost of the placement (netting about $800k). Last year NoM for the AGM did not give them anything more than the default 15%. I doubt if Chimaera even after a "haircut" would settle for $800k. I expect Chimaera will be looking to recover at least $3M - $4m out of their $6.3m secured debt; this would still leave unsecured creditors ($6m) and the plant & working capital amounts ($10m - $12m). The unsecured creditors can put VXL into liquidation even if a third party (e.g SER) buy out the secured debt. It more likely the LML (who are looking to raise $50m) could do something possible in a consortium with SER.
2. Debentures are unsecured corporate bond- I doubt if SER could raise the required amount to buy out the secured & unsecured creditors (~$9m after a "haircut) and then raise a further $10m - $12m for additional plant and working capital. Might be able to raise enough to pay a liquidator (e.g ~$3m to $4m) and then an additional $10m - $12m (for working capital & new plant) as debt secured by Australian Government (or SA government) export guarantees against export orders to offtake customers.
3. SER would find it easier to obtain loans if it was in a joint and several guarantee consortium with another company (e.g LML) but the consortium would need to put down some collateral and possibly personal guarantees from the directors (when I was raising such a loan I was told that the pig makes a greater commitment to the breakfast than the chicken)