Senior Debt EBITDA Covenant, page-54

I was thinking that RFG should have dumped the results on the market and performed an equity raise in a single market suspension. Maybe they thought they wouldn't get the required uptake. And perhaps they couldn't organise an equity raise in the time available. They must have been working pretty hard over the last couple of months, no doubt, by the time you factor in a review, posting results, amending the debt situation, fending off the media and generally trying to work out how to turn this thing around. Whatever the reason, it probably would have been better doing an equity raise when the SP was indicating around $2 rather than around $1.