Ann: Chief Financial Officer Resignation, page-16

no cap raise. they don't have the major shareholders to back stop it anymore. Simon Moore is gone, AusSuper is out. Can't do a cap raise unless you have committed shareholders willing to put up more money. That option no longer exists.

What the press speculates about is more likely, which is private debt with equity warrants, which is a terrrible deal for this company at this stage of the economic cycle. If the re-pricing of CapitalSmart is again so meager for the year beginning July 1st that AMA has to settle for some distressed debt + warrants refi, then the entire board should again be replaced with people who will finally stand up to Suncorp.