Ann: Preliminary Final Report-BYL.AX, page-12

Given the WA economy where Government departments are screwing everyone except their staff (who are dead wood), BYL will be underwater for a long time. Also they might need some capital last some stage which means dilution by say 15% so who wants that. It is just a case of crystallising what is already lost.
How could they be so incompetent - management and the head of Finance must have been a sleep at the wheel.