..but it looks to me as though they are scrapping the bottom of...

..but it looks to me as though they are scrapping the bottom of the barrel to fund this takeover - and if I'm reading it correctly it looks like they may even use BRM's own cash! The $33M they mention roughly equates to BRM's cash at bank.

The issue of the Subscription Shares will raise ~HK$333 million (~A$42 million3) from the issue of 555.1 million Wah Nam Shares at HK$0.60 per Wah Nam Share to Ocean Line. The issue of the Convertible Bond will raise ~HK$174 million (~A$22 million3). The issue of the Placement Shares will raise ~HK$78 million (~A$10 million3) from the issue of 130.0 million Wah Nam Shares at HK$0.60 per Wah Nam Share. Wah Nam currently holds unrestricted cash equivalent to ~A$33 million, which is uncommitted and will be available to fund the Offer.