A recap is done when a business is becoming burdened by debt/liabilities and needs to fix this through replacing the debt/liability with equity. In AHZ's case, it most likely means that the PGF debt has been called on them so they need cash to pay that back and then to provide working capital (what a big hole that has become). As per the FY17 report:
Given they have majorly missed FY18 "budget", they have most likely breached covenants again and PGF is recalling the loan in my view.
Ann: Extension for voluntary suspension, page-59
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