Ann: Government of Mali, page-210

I've mentioned before
demerger brought about a confluence of factors

management too busy (not with real work, outsourcing work, Perth lunches, etc)
the law, or lawyers, probably too difficult to raise just before a demerger
and shareholders, allowed management to drop the ball, distracted by the demerger, even if a raise was proposed with a delay to the demerger, may have been rejected by eager shareholders

200,000,000 AUD raise above 1.00 per FFX share
would have saved FFX, potentially.
worth over 0.50 per share, maybe 1.00

and would have given Leo life without dilution
worth about 20% of Leo? 0.20 per share

that's the difference between failure and mega success