Ann: Trading Halt, page-26

Overall I think it is worth subscribing to. Net debt will drop from $260m to just $64m. Interest cover will massively increase to 18times +
Debt to ebitda drops to 1.5times.

The business will be materially de-risked.
Enterprise value will be around $260m (a quick check of historical financials shows enterprise value at around $1.2b several years ago).
So if they can turn things around and improve for the future, one can get a feel of the upside potential from this.

I have placed a bid into the placement, see how it goes.