Sydney meeting, page-61

All very well, but what I do not understand is why it was not considered to raise the necessary by a SPP offer to shareholders?? 400 mil shares at a rights issue of 10 cents would raise $40 mil if fully subscribed. Which it wouldn't be, although with the present publicity about critical gas shortages I would have expected a fairly robust response. And if it failed at least the shareholders would only have themselves to blame. Unless there was some condition in the previous MB loans that prohibited the issue of new shares. Maybe I have missed something, but one wonders. As it stands, any long term holder who probably subscribed to rights issues at a pre consolidation price of 20 cents are now looking at selling their $1.00 post consolidation shares for 20 cents. Hardly any surprise that this deal does not sit well.