Ann: Market update deleveraging plan, bank covenants, guidance, page-86

Market cap has now dropped to $43M on the ASX / $61M on the NZX

How do they even execute an equity raise at this point. Let's say they raise $60M at 28c (generously assuming that is where the SP is by the time they announce it)

Current market cap is $61M (~218.5M shares x 0.28 per share).

They would need to issue 300M new shares which are added to the 220M that currently exist.

New SP would be ~12c per share.

But the issue worsens as the current selling deteriorates further. The further the price drops, the more shares they would need to issue in order to raise a meaningful amount of capital, and the worse the resulting dilution gets. It's a death spiral at this point for anyone other than the two major holders, A2M and Bright.