I don't think a capital raising could be done at those prices....

I don't think a capital raising could be done at those prices. It would be much lower maybe even 1c, the company now has a market cap of approximately $35M.

But a capital raising wouldn't be too bad if the company eventually did well and went from say a diluted 12c to $80 in ten years. It would be similar to it going to $20 from here. The private equity division could be doing okay, bigger opportunities discovered with delays and higher then anticipated expenses could cause delays in repayments creating temporary defaults. In the report private equity doesn't seem to be doing that bad overall, but there are serious risks and interference s with the BLA balance sheet from it.

I think the whole company is set up so that the operating divisions will continue to go on regardless of how BLA does they will just change owners during liquidation.
On the other hand: If things were that bad according to major shareholders then why wasn't the remuneration report voted against.

One thing that hasn't been discussed enough is the change in performance payments from 25% R to 50% profit which is a huge change. It means $0 if the division makes a loss as a whole and means that you take expenses off before the profit split. What I would like to know is things like directors fees and rent and every single corporate BLA cost apportioned to the operating divisions and how is this done? Does the loss come off the salaries i.e. 50% of negative profit?