Recapitalisation would surely have to take into account the NTA,...

Recapitalisation would surely have to take into account the NTA, which is $1.31. Then there's the intangibles.

Centro is a bit unusual in that the SP is way below the NAT.

Most capital injection/new share issues occur when SP >~ NAT.

It depends on how desperate Uncle Glen is. He's been saying all along that there are a number of options available for Centro. Eg. selling assets, even below market value, is surely better than recapitalisation at the current SP.