Ann: Becoming a substantial holder, page-24

Having a renounceable issue would be great for some of the smaller shareholders.

3 for 8 feels like it wouldn't do it in term of paying down. At 22.5 cents, 3 for 8 on 457 million shares is only $38.5 million. The interest each year on last years debt is $45 million according to the Commsec financial analysis. 3 for 8 would only buy a few months of breathing space. The lower ratio of new to old shares makes bigger gains more likely in the even of an upturn, but in the face of continuing pressure it might not be enough to gain confidence.

TBH I think that the BLY rights issue would have to be underwritten. Without being under written, any slip in the share price below the rights issue price might scare people off from the share sale.