Definitely agree with you on Mark getting his capital management...

Definitely agree with you on Mark getting his capital management in order. As an aside, another share I own, which has no debt, much more cash and a stronger balance sheet than MWR went into a trading halt to raise funds.

If note holders want it redeemed then a cap raise becomes an absolute certainty. What I think will happen will be that they roll the facility a further 12-24 months. After all, where can debt holders get a 7% return these days in a low interest rate world.

Also, that $3.50 would now be 35c after the share split.

@HairyRichard On your question, my personal view would be dependent on what their capital requirements are going to be. I’ve gone through my take but they would have a much better idea than me. If they need an extra $500k plus the $250k headroom then debt would be an option - if they can roll the facility per my response above. If they need more the only other option is equity.