Thoughts on a rights issue

I have to admit I hate starting new threads... but reckon this may get lost in a lot of the other noise on the other threads.

Just taking a look at the last quarterly and then the expected outgoing expenses for next quarter, what are investors thoughts on a rights issue at say 1 for 3 (at say 35c) to raise circa 200mil? Shareholder would also be allowed to apply for additional stock above their holding. The use of the funds would be for:
1. Pay down the entire debt facility saving more than 4mil in interest alone per quarter (I was always critical of the 12% facility). The last quarterly would have been CF+ had we not paid any interest.
2. Strengthen balance sheet

If the board were to consider this, I think they should pre-emptively ask maybe the top 20 shareholders and all management if they would take up all of their entitlement and if they all agree, make this as part of the announcement to show the level of support they have.

Main issue may be retail arbitraging and initially selling on market and pushing down price down a bit further initially