Not sure an equity raising would be terrific at the moment....

Not sure an equity raising would be terrific at the moment. IMO.

Market Cap $87m @ 8c,
Net debt $194m [page 12 2010 Annual Report],
Net finance expense FY10, $21m [Annual report 2010 p48]

IMO break even FY11. Op cash IMO maybe $30m+

So, to save (say) 10m in finance expense would cost enough equity to dilute 50%, with a yield of 11%.

Nah.

Better off selling under performing assets (if any) or toughing it out and waiting for cost savings and revenue enhancements to kick in (say mid next year), using op cash to pay down debt if no sales.

f111