The only substantial selling over a recent 6-week period was...

The only substantial selling over a recent 6-week period was from Shaw/Garner, which aided the virtual free fall in share price. Exactly how much is unknown, but probably the drag-factor is larger than the selling proportion. Two options might be:

(1) Approach Shaw as a shareholder consortium (possibly trust or company structure) with an offer to purchase Garner's holding on terms favourable to all parties. Importantly, Shaw should not lose out on anticipated commissions, and in fact in this scenario they would receive both buyer and seller fees, as opposed to seller fees only at present.

• We would need to put together $6-7M.
• Shaw may refuse outright.
• It would take some organising, which I'd be prepared to help with (private contact: [email protected]).

(2) RAC buys back on market for $10-12M, thereby soaking up BG's remaining 3.8M-odd shares. This could theoretically be done using current funds (and the cash re-raised later at higher sp), though shareholders would presumably need to agree to the re-direction of funds. This path would have the advantage of reducing SOI overall.
Otherwise, simply do a retail SPP. There would be no dilution, as new shares issued to strong hands would be cancelled by shares bought back from weak ones, including one in particular.