capital raising and equity stake, page-20

Take away the debt over-hang and maybe the market will realise the net asset backing still isn't too bad. Even if Chandler takes shares equivalent to what's on issue now - 50% dilution for existing holders - the asset backing per share in a debt free company with a heap of maturing Tassie plantations will be more than 50% of the previous asset backing of around 80c per share. Looks good to me.