recapitalisation

From today's "Around The Traps With The Ferret"
Sydney - Friday - June 17: (RWE Australian Business News) -
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Long-suffering STRATHFIELD (SRA) shareholders are wrestling
with the problem of whether it's worth increasing their investment in
the company or whether it would be throwing good money after bad.
Strathfield announced yet another recapitalisation yesterday,
seeking $12.15 million with an immediate placement of 45 million shares
to interests associated with George Cheihk at 4c a share (raising $1.8
million) and a 3-for-4 rights issue at 4c a share to shareholders
(seeking $10.35 million).
The sharemarket obviously reckons it's worth a punt because
Strathfield rose 0.7c to 4.6c before closing at 4.2c.
Shareholders who participated in the last recapitalisation in
late 2003, via a 4-for-3 issue at 10c a share, would be muttering under
their breath over the company's latest travails.
Particularly now that the number of shares on issue is going to
double again.

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As part of the recapitalisation at Strathfield, Warwick
Mirzikinian and George Cheihk will join the board.
Mr Mirzikinian has been involved in the wholesale mobile
telephony market while Mr Cheihk is a Queensland property developer.
Strathfield's press release said Mr Cheikh was familiar to the
southeast Queensland community through his "tiresome" efforts in
charities and sponsorships.