Sorry everyone, just re-read this over lunch and realised I have mis-stated something. Equity partner is not to avoid going to the banks (they will definitely be going to the banks), it is to avoid another capital raising - though they did say that if the share price is elevated they might choose to do another raising. In short, they are not going back to cap raising while price is low; if price is low, get equity partner for the contribution required by the banks, for a percentage of the earnings.
takeover Skip, page-453
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