Cap raise best outcome, although would be highly dilutive to SH.
Administration would be second last resort if SBM could not raise the funds/enough funds.
Have a look at how WMC played out, they raised ~$63M in a cap raise and then went into administration 5 weeks later. Debt was only $50M.
I know the circumstances are little different, but you have a business that's losing money and potentially unable to pay its debts as and when. There is only one word - "risk" and one action - "mitigate". Everything else is just noise.
Ann: SLR:SLR Ready to Rapidly Progress Revised Leonora Proposal, page-26
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