Ann: Trading Halt, page-28

$80m at 13.5c (23% discount) is ridiculous.

Current market cap is $489m so assuming the SP retreats to the 13.5c raise price it will fall to $377m + $80m raised = $457m.

Assuming there is not much cash left hence the capital rasing net debt post the raise will be cica $75m ($165m debt - est. $90m cash) so would could see an enterprise value of around $532m post the capital rasing assuming the SP falls to 13.5c. The enterprise value on the 23rd Jan according to their quarterly report was $809m. So the value of our business stands to fall $277m (34%) in 4-6 weeks... wow.

Again assuming the SP falls to 13.5c and stays thereabouts for 30 days in order for the 30 day VWAP to be 13.5c a takeover is highly likely IMO as we'll be cheap and the register will be full of disgruntled shareholders. A takeover at 19c post capital raise will get the job done IMO.