Why does it have to be a share placement, why not a Listed...

Why does it have to be a share placement, why not a Listed Hybrid Bond. ie: They get money from share holders and others
The Bond would pay interest, They can be converted to shares or cash on expiry or rolled over.

Nice way to have exposure and earn some money. If you need to sell you sell the bond on the Market.

If interest rates go up the price goes down proportionally, though face value is still the same.

I think they could do a few hundred million dollars worth pay a good interest rate. have a look at CAMG as an example. also Transurban had something similar when they initially listed.

the enticing bit will be the conversion. Each $1000 converts to 2000 Shares (50 cents each) if it paid 5% and you held for a year it would be $50.00. so if you held the bonds for 12 months your outlay would be $950 converts to 2000 shares.

If Interests rates go up and they are cash +, then they could do a On Market Buy back. If they buy it under $1000 then they save money and reduce the Bond exposure or they wait to convert them or pay them out.

Just me bantering on early in the morning