Timing will be critical if they are looking to sell anything and...

Timing will be critical if they are looking to sell anything and they may not have enough time for prospective buyers to go through due diligence, documentation etc given the cash drain.

I imagine the CEO would have been fully committed once he started - getting a handle on things, developing the strategy he released and clearly talking to LGE.

As you say he would be aware of the last CR result and he may have initiated a sale process early in his tenure. Flemington IMO is the easiest to sell and it would be a shame to see such a great potential project go if he is going down a realisation of assets path.

While I raised the possibility of the asset sale solution I think a CR given timing considerations is the most likely path. I can't see much retail support again so he will need to go to an Institution or Sophs both of which will be a hard sell after the last CR. One possibility might be a small CR supported by an asset sale in the first half of the year. At this stage the CEO to me has shown he is capable and I think based on what I have seen from him so far has the skill to work out the best strategy given the options has.