why a rights issue?I think they will offer to a strategic block...

why a rights issue?

I think they will offer to a strategic block of debt or equity. Perhaps a convertible note or preferrred stock. At least something may come therefore from the wide ranging engagement of parties as part of the strategic review- if what the Board said was true. It says a much as suggested as much in the Accounts see page 22. Explains the short term nature of the WHSP extension on the $35m.

Going forward- cash conversion they expect $40m at least from UAE in H2 FY22 as well as accelerated cash conversion under the contract going forward:

During Q2 2022 the Company and its largest customer executed contract changes to streamline the
invoicing and payment processes. Those changes are now in effect. The Company expects a
recovery in its cash position in H2 based on a planned conversion of at least $40m contact asset to
cash in H2. Further conversions are planned throughout 2023

A lot said by new management. Big thing is if you believe they will execute and all we have heard is Big Talk by Ben with no Results. Like any new CEO theyve taken a massive write down in the current period and now have a fresh start. Hopefully there is more substance to what our new CEO says than compared to the old one. I also hope BG has taken a massive pay cut.