Resolution 6 at last year's AGM was put to be able to "issue...

Resolution 6 at last year's AGM was put to be able to "issue equity securities up to 10% of the issued capital" over the following 12 months.

This resolution was overwhelming voted down at the AGM, on an almost two to one basis.

Yet here we are with this mob putting out a rights issue to raise $25 million, representing 50% of the current capital of the company!!

Would it be presumptuous to suggest that the big hope to keep the banks at bay was that KCG Corporation of Thailand was going to pump in a $10 million equity investment to tide the company over. However, once KCG did some due diligence they would have run away, leaving no prospect of being able to point to a source of cash to keep the banks happy.

Is this new move the last roll of the dice before the banks move in?