possible recapitalisation scenario, page-9

I don't know why you would claim that "any placement will not be at the last traded price or anywhere near it".

What is the basis for that assertion ? Most share placements are made in the ballpark of the current share price, or a bit lower. Why would not this one be ?

Now it could be argued, that with a bit more capital, the crisis at Centro would be over and that it is actually worth, say a dollar. But in the real world, who would pay heaps over the current market price for a placement ? It does not happen. The recent Valad placement was claimed to be over market price, but it wasn't really if you looked at the terms of the issue. The recent Mirvac placement was over market price, but not by much. Anyone who thinks that a placement will come in at a high price, is in my opinion, dreaming.

It could also be argued, that a placement for Centro would only occur at a deep discount to (current) market price. This is also unlikely. The numbers don't work and shareholders would never vote for a scheme which gave away more than 80% of the company at less than current prices.

It remains my view that a recap is likely, involving a gigantic placement at close to current market price. Thats why the current market price is being pushed around so much.

If you have a different interpretation, lets here it.