Ann: Company Update and Rights Issue, page-3

Not completely. Short-term, yes. However, notice how TAP managed to generate a lot of operating cash flow less capex last financial year when the oil price was so bad over 2015. Therefore, by taking a bit of dilution on this rights issue, you may be able to capitalise on the company's net assets (worth $55m pre-rights issue) being reflected by the market since the debt pressure is lifted.

5c is a steal in my eyes. I'm going to go in heavy =D