This cap raising is a short term fix to fill a funding gap. If...

This cap raising is a short term fix to fill a funding gap. If the unsecured is detached Mny would be able to secure debt funding at competitive rates. At present that situation doesn't exist. It really is a no brainer , there has to be separation. If the unsecured is sold in a trade sale I very much doubt if it could be sold for much at all. Much better to seperate into two listed entities. With due respect to the current management. I don't see any particular talent there in terms of raw talent to grow a business. I think there are Inherent risks in their business model.
Mr Bryant management style probably doesn't endear him to the financial establishment. Who cares,
They had better have a non compete clause if Mr Bryant ends up with the unsecured. He would eat their lunch.