frustrating thing here is that all current and prospective...

frustrating thing here is that all current and prospective shareholders are not buying, they are waiting for this equity raising. meanwhile the share price has gone south as investors are worried about the capital raise and being dropped from the index hasn't helped.

to me the business still has a good amount of cash to fund operations, they are reducing overheads, it's cash inflows from its assets cover it's cash outflows to pay liabilities, and if spending on new growth really slows down they should be able to maintain their cash pile. this assumes the assets aren't overstated, and you'd think (hope) after two rounds of write downs they are stated conservatively.

what i don't like is they seem to have this head in the sand - they had one advisor (ironstone) now Morgans - they should have seen this situation as a risk and bitten the bullet on a pro rata rights issue a while back.

how long does it usually take to prepare the pro rata rights issue offer doc? I'd have thought it's quite quick to do given accounts are audited. so my question is why haven't we seen anything? pro rata rights issue seems the most logical way to go here