Cap raise will just be a small part of raising the overall funds. I agree it's almost pointless in the scheme of things now but it's a banking requirement.
It's the asset sales that they need to secure if they are to realistically make a dent in the debt. Even if they accept offers on some of these assets it's probably enough to convince the banks to give them more time.
If no asset deals can be struck then I think it is headed the way of a takeover. I agree that a JV, or Bright takeover in exchange for A2 purchasing Dunsandel, would be the better outcomes.
Ann: Market update deleveraging plan, bank covenants, guidance, page-98
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