Ann: Equity Facility and Strategic Review, page-11

The company doesn't have much money left and Collins St now seems to hesitating on tranche 2 of the note. Afaik, the company actually can't sell either NE or BW because they are collateral for loans (for Cline and Collins St). Obviously a CR at this price would be a wash out for current holders (and I'm not sure if they could raise any money anyway). It's a tough spot for the company. All this other stuff (each a significant event in its own right but lost in the clamor) about labour shortages, non-availability of machinery, logistical snafus and collapsing ceilings in the mines etc etc etc), just make these problems so much more intractable.

It's amazing how quickly the outlook for this company deteriorated. Although the board presumably have had visibility of these events as they were occuring and I continue to wonder how the sale of the former MDs shares can be understood in this context. I intend to raise this question with the ASX directly because it warrants clarification imo