I think people should pay more mind to @Jimmy_C and the process...

I think people should pay more mind to @Jimmy_C and the process for recapitalisation. Just put yourself in the shoes of Bell potter and think whether you would underwrite a raising, and the risk involved particularly given the last thing they want is to be holding stock in a company in free fall on their own balance sheet. To my mind this isn’t quite as bad as sgh but there are a lot of similarities. The banks will give them more time as long as they have ocf which pays the interest. the second they don’t, the banks will offload the debt at a discount to others.

Worst case scenario is the recap dilutes the hell out of existing holders.