Ann: Becoming a substantial holder, page-22

One way to help the favoured investor,and make the going tougher for Centrebridge,could be a placement to the proposed "underwriter"at,say,22cps before the non-renounceable issue to all shareholders.That would result in more than the $300m of new money that is represented by a rather skinny 3 for 1 at 22cps.
The obtaining of a favoured party onto the register, forthwith, is fundamental to BLYs survival in its present form ,IMO.
I don't like BLYs chances if they cant find a friendly party on the equity side of the street as the injection of new equity is BLYs only hope,unless they can sell something substantial and the drilling services division seems to be the only reasonably saleable asset.
Fingers crossed BLY knows what it is doing and,as they say,is getting good advice. At the moment it needs a friend as it is swimming with the sharks.