The state of Ramas' pref shares is one of the issues not...

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} ]