possible recapitalisation scenario, page-8

NTA is 1.31 and the funds managment intangibles of another .6. Given the strong operational performance and the likely revaluation upwards of assets in the coming years they would be looking at $1+.

Say $1 minimum at 50% dilution would bring in $850M taking the gearing down to 62%.

That's a conservative calculation based on a ROA of 20+%. I'm guessing Rufrano would be pushing for a much better deal than that.