The capital raise I believe was for an acquisition in SA, which...

The capital raise I believe was for an acquisition in SA, which doesn't look like it will go ahead (especially now that the Olympic Dam Expansion has been mothballed). They relocated during the quarter to a new factory = more cost and less work during the transition period.

The Gladstone factory continues to be a drag, the management will at some stage need to seriously assess whether it's worth pumping more money into that operation. As it is, the NSW workers are essentially subsidising the higher wage/cost operations in Qld.