I would envisage any CR would be premised on the notion of retiring some of the comapny's debt. I don't think any management team in their right mind would consider a CR for VOC at this stage of the game. I would like to think they would preference all other options over a CR to pay down debt, considering how damaging a CR would be to the share price, not to mention the management team. I think a reduction in dividends and/or a sale of non-core assets would be the better course of action to instil some market confidence and reduce further downside risk in the share price.
