not just a cap raising, there will need to be a share...

not just a cap raising, there will need to be a share consolidation as well.

SDL are a one trick pony. got no other assets to sell off to raise cash.

at least with a cap raising Hanlong won't participate so will dilute their percentage holding and ability to influence the outcome of potential future deals.

having said all that, IMO most likely scenario is administration.

I don't believe any institutional investor will take part in any cap raising given iron ore price forecasts.

I don't believe China are truly interested in this project. If they were they would have wrapped it up 2 years ago.

anybody buying shares in this or participating in any cap raising must understand that SDL is now back in pure speculative play now, not any chance of being a project developer or take over play any time soon.

IMO.