At least they've sort of grabbed the bull by the horns but...

At least they've sort of grabbed the bull by the horns but there's a long and dangerous battle ahead before they control it I'd say.
Half PBT 900k
E&C (the previous main driver) 22% below 2008 corresponding period ... and no property punts allowed.
Inventories down $5mlln
$4mlln con note to be all paid to bank
$5mlln rights issue ... to be used up replacing artificially low downward drive of inventories ?
Equity at $20mlln ($30mlln is bank control)
I'd say the capital raise is $5mlln short, that's why i thought it a bad idea a way back.
Me too offering ... forget anymore capital raise - should merge and lick wounds under another governor.