I know you keep defending the RS as a mandatory step and how it is really a good thing. This is nonsense. Let's suppose they do the 1:4 and then have another 375M available for the debt conversions. Great, right? No, not right. That 375M only allows them to pay off $15M in debt and most likely half of that since the PPS will drop as they dilute. Also, now the shareholders will only have 25% of the shares they have now. So, this is not an optimal solution for the company, or the shareholders. The better solution is for Munro to payoff the senior convertible debt without needing to convert shares and using the shareholders as an ATM. I am hopeful the next asset sale will do just that and hopefully stave of or postpone the RS.
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