Yes.. deduction of equity value from operational losses incurred...

Yes.. deduction of equity value from operational losses incurred since 2008. Then equity dilution from 20c right issue in 2009...

and now $80 million lost this year will be all deducted from equity value (the share price)...

I still can see further drop, perhaps to mid 20c levels soon enough. Capital raising may be on the card if the current unfavourable operating conditions to drag on.. good luck