Hi Aussted,I agree, it is unlikely that a raising will occur in...

Hi Aussted,
I agree, it is unlikely that a raising will occur in the present circumstances.
However , if they are in breach of banking covenants, the banks may force them.
Asset sales may , or may not , be fast enough for the banks.
If they are forced, then something like asf's "recapitalisation proposal" may occur.
Any raising would require[except for Rennis's woodducks] some settlement on the hybrids.
The nightmare outcome for ords holders[but good for hybrids]of a forced raising, might be conversion of the hybrids at par, followed by a raising.
Keep in mind , this is the easiest procedure for the board, with the least amount of voting.

If I was a ppx holder, I'd be praying the covenants are ok, and a PE offer comes along soon.
But also keep in mind, that hybrid holders will demand a much larger percentage of the cake than they have been offered so far,for their cooperation.

chhers