My first thought is that directors still think the business is...

My first thought is that directors still think the business is salvageable, or at least that the money will still be there for 6 - 12 months. Interest rate is not overly high for this sort of arrangement. However, these are "key terms" only, so the full details aren't likely to be known until they hold a meeting. I guess it is most likely part of negotiations to secure an underwriter? Directors still prefer to get the debt secured, so it's still not confirmation of huge faith in the future.

My second thought is that overall, it seems there is still hope, but what kind of margins will they have for the next few years? BCI's announcement on Thursday re terminating WTP at the Nullagine JV implies that Viento (and others) put in very cheap rates on the Warrigal hub contract. I'm not sure if it also means Viento has a shot at the remainder of the NJV works (maybe $60m/yr if I'm reading it correctly?). However, even if this is the case, the size of margin available would be a concern.

The final thought is that if the rights issue proceeds as previously outlined, my calcs suggest there will still be a fully diluted market cap of around $15m (including attaching options) at a share price of 4 cps. Until they prove profitable, or the market for contracting improves, I don't see much reason for the share price to improve beyond that, although at least there may be a little more liquidity for a while.