Ann: S&P Ratings Services Downgrade, page-14

freida, this would be the ideal scenario. 5 for 1 is HUGE though. It would be hard to get full subscription, and anything less than that would breed uncertainty in the market. Maybe something lower would raise enough to see the company through the tough spot.

The key question is whether the directors will implement this option before the creditors move. Given the statements of the directors, it appears that there is plenty of breathing room, but that might breed complacency to keep going without bringing in additional funds. Despite the hard times, the operations of the company are running reasonably well with lots of cost savings in the last year that will be somewhat of a positive for this year.