You are on the money with your comments about the board. A one...

You are on the money with your comments about the board. A one for one rights issue at approx $8 per share would potentially raise $1.15 billion assuming KAH don't stump up the money. One advantage is that they would be kicked to touch and diluted ( to about 27% ).

Or a 1 for 1 rights issue for current shareholders at $6 per share would raise up to $860m if KAH don't take part, then with a private placement of 144 m shares at $6 each for another $860m provides the CAPEX plus a margin; and KAH get potentially diluted to under 20%. Looks good after a few beers!

Something of a precedent was set by LYC in 2009 after a low ball takeover offer by China Non Ferrous Metal Mining was declined by FIRB. The initial rot was supported by the board at that time with CNMC taking majority and controlling position of 700m shares at 36c each. In the end a 1 for 1 rights issue at 45c followed in Sept 2009 which raised $450m.