Well, the instos go first with their capital raising, then...

Well, the instos go first with their capital raising, then retail investors. So check the insto uptake before investing as retail, if that's what you want to do.

The banks needed to take a hair cut so that a CR was possible, hence the 27% write off of debt. One can't sell negative equity (which is where RFG finished at the EOFY)... so the debt had to be reduced by the lenders, otherwise, they'd get zip, naught, etc. from a capital raise. i.e. lenders were between a rock and a hard place. Call in the administrator and they would have lost the lot due to the intangibility of assets. Do a CR, and they'll get 73% of what was owing, this is lots better than 0%.

At the end of the day, as a retail investor, one needs to make the investment decision on RFG... is this the best use of my funds? If they hit their lower end of guidance, then the underlying earnings per share should be around 10%, which is pretty appetising, but not without risk.

Food for thought. I'm not sure what I'll do at this stage.