They've done the right thing in raising capital now. They have...

They've done the right thing in raising capital now. They have probably been using debt to make early payments on contracts, make redundancies, fix up damage made by buying new businesses (so many of these are duds) etc. The steep discount is likely because no-one trusts mining services right now, and they are all surprising on the down side. Fortunately, AAX could actually raise cash, whereas I suspect FGE is trading as a litmus test of where the market will allow cash to be raised- currently traiding @ 70c as I type (but very volatile), could FGE still raise at 50c, as mooted?)

A rotten industry right now, is mining services, but in a couple of years, when it is all nice again, I suspect people will double their money by investing at lows.