Ann: Freedom Executes Subscription Agreement, page-38

The state of Ramas' pref shares is one of the issues not mentioned in the recent announcements that would have to be covered in c.r. documents. The original communication about a raise referred to 'elimination of debt' (or words to that effect). Unless the prefs are cancelled and exchanged for common stock, I predict that a rights issue will be dead in the water. I have no problem with Ramas having a controlling stake: having a mortgage over shareholder equity is a deal killer.
The rights issue would also probably be more likely to succeed if Freedom could extract promises from (at least) some of the major shareholders * that the will take up their entitlements.

* [ Chairman Xi... I mean "sky" ... may be excused from this as his time is far too valuable to be concerned with the petty affairs of the proletariat. {grovel, kow tow, scrape} ]