Any cap raise will be tapping the top 20 on the shoulder. The biggest asset these guys have is the rent roll and trailing commission. They claim net assets of $26m, but $12m of that is goodwill which given the performance of the business seems more likely to come up for review at some point. I agree with you that I don't see how they get around a cap raise. The business was barely viable in the biggest property boom since forever, it's going to look pretty awful over the next 18 months.
Ann: Interim Financial Report 31 Dec 2022 & Appendix 4D, page-3
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