Management have grilled me before on this (or I should say,...

Management have grilled me before on this (or I should say, grilled me back). They seemed to think acquisitions were a positive story while ignoring their second (arguably most) important stakeholder, their shareholders.

The debt facility just adds another entire risk to existing holders. NNG looks cheap, but that statement in itself is a double edged sword as can be seen by this dilution.

Hopefully a new management team can turn this massive stuff up around. I haven't followed closely enough for a while (so forgive me if I I'm wrong) but if they can avoid that acquisition, raise not more than half the amount they intend to raise and try to keep cash lasting for a year until they can prove they can improve their margins on a quarterly basis, grow at a nice organic rate on a quarterly basis, and, not need cash for a year+, it could turn around quickly. If all else fails and there are no skeletons in the closet they could be ripe for a takeover.