With Net Interest Bearing Debt of some $450m, compared to...

With Net Interest Bearing Debt of some $450m, compared to consensus EBITDA forecasts for FY13 ranging between $220m and $250m, I suspect the board will be looking at their world and at the company's recent share price rise thinking:

"It would be prudent to issue some fresh equity now to ease the debt position a bit."

I suspect that will be the thinking even without any additional foray into China.

With an additional $100m call on capital - should that be the case - I suspect an equity raising in the new year assumes a significant degree of probability.