Yeah - I suspect this issue has become a fixation in some ways, based on the prefs discount to face value. So they possibly could have converted the prefs at any time really, without needing to raise cash, as an alternative. So it does seem possible there is a smokescreen of some sort here to me. We will not know for a while, if even if there is, and if so, can't really know if that is good or bad either - lol.
Ann: Capital Raising Presentation correction-ELD.AX, page-75
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