Oh and one more thing - when the Arrium Board gave the 6 monthly...

Oh and one more thing - when the Arrium Board gave the 6 monthly update in February 2017, the board clearly put in the update that if steel prices and iron ore prices do not recover what the very significant closure costs would be for Whyalla Steelworks and the Iron Ore Mine. It came to a combined total of around A$500 - A$550 million.

So why did they disclose this then but not in the Rights Issue of October 2014?

It may be argued that at the current spot price in February 2016 Iron Ore Mines was loss making and they had to disclose it - but in October 2014 it was still profitable (though only marginally so) (US$82 - US$73 per tonne).

Have to wait and see how the lawyers and courts see it.