Yes, MBN can issue any number of shares with a EGM, via a Share Purchase Plan. They could obviously try,/i> to sell a $80M placement to institutions and not have a SPP open to retail holders or instos and major shareholders who don't want to put their hands up and would thus be excluded from the special placement, but really, they'd have to canvass their existing shareholders to see if they could get 51% approval prior to putting the SPP out for approval - a possible symptom of the current piss-farting around, I don't know.
So, yes, MBN is caught between debt, a retail entitlement offer via SPP, and total death via being incompetent as 15% of market capitalisation can't get them over the line. The best a 15% non-EGM aproved private placement could do is reduce the final debt load. But that's even worse, because it will drag the share price down to the issue price which is guaranteed to be heavily discounted.
Truth be told, they stuffed this up big time.
report card, page-9
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