Also didn't they suggest 2.1/2.2 (from memory) cps earnings for...

Also didn't they suggest 2.1/2.2 (from memory) cps earnings for 2012. IMO that should be taken as a best case/highest believable EPS scenario when a desperate cap raise takes place. Management will not get the flick if 1. they are mates with the senior honcho at Lazard, and 2. they stay on target (although there are always excuses that can be attempted).

Mates are often the worst people to evaluate a proposal independently, as they are mates, especially mates who bet the farm tend to see sunlight streaming out of the strangest places. The institutions were not jumping out of their skins in the bookbuild.

Also - what has changed? - HST was acceptably well capitalised a year or so ago. The economics of their business are still probably not favourable, and they will not know how to turn it around without a lower Aussie Dollar and lower costs to spin it.

The higher costs mean they will be under pressure on every deal nearly without exception.