unlikely, Vin. its interest free and it makes the balance sheet of Gent looks really good; assuming the official reason for the rights issue is for debt repayment :) if you look at the details in the annual report and at the company's level instead of consolidated level, Gent's borrowings increased by 3mil to ~6mil due to GenM's acquisition and of the 6mil, approx 2.2bil due by mid of 2027 followed by 450mil by Dec'27, 600mil by Dec'28. It has cash of ~1.2bil on hands now while Gent is generating avg 600mil to 700mil yearly pat. Last year pat dropped to 280mil and impairment shot up to ~490mil. A big chunk of the impairment seems to be coming from DNAe + some from RWLV probably. Gent's main income came from mgmt & licensing fees ~700mil per year and dividend income from its subsidiaries ranging from 500mil to 650mil per year; last year dividend income dropped to ~450mil. Basically, annual PAT will be able to cover the MTNs if you will and the statement from the mgmt that there will be no cash call anymore. I am more concerned on capital misallocation (other new investments) while RWS and RWLV are recovering and RWNYC ramping up.

August 15, 2026 : DNAe Company Statement
The company is undertaking a significant restructuring following a review of its funding requirements and strategic priorities. As part of this process, we are currently substantially reducing our workforce and reducing operational activities at our UK and US facilities for now.
These decisions are very difficult and do not reflect the commitment, talent or contributions of our employees. We are extremely grateful for their outstanding work and are committed to supporting affected colleagues through this transition. The company is focused on preserving and maximising the value of its proprietary technology platform, intellectual property portfolio and other assets while evaluating strategic options for the future. We will not be commenting further on specific workforce matters or confidential business discussions. https://www.dnae.com/news-posts/dnae-company-statement/

the official reason is debt repayment, daniel :) and if you were to look at the list of MTNs in the annual report, there is one MTN by Genting Capital issued back in 2012 for 1.5bil will be maturing/expiring in Jun 2027; part of the 2.2bil MTNs maturing by Jun'27 that I mentioned above. The reality is the boss is buying the dip.

why lkt never open his mouth to say deduct own self and sons salary and benefit in kind ? As a CEO of the company , produce such a screw up result for the groups . Never realize he has done such a screw up job for the GB.

logically yes as it is backed by physical resorts, list of properties valued at ~47bil and the potential for growth/generating revenue from these assets, Vin. However, revenue and profit are moving the opposite direction. Revenue goes up, profit goes down. Cost is creeping up and higher revenue came from low margin business (empire resorts consolidation and UK) while RWS, RWLV in recovery mode and RWNYC ramping up (hold rates for table games looking good though; consistently at the top range of high tens). The only positive side for now is that ebitda margin from the core assets are not falling. One announcement of rights issue before approval is sufficient to send it 25% lower. Safer to see results first before being greedy :)

Vin, one RWLV loss can actually wipe out all the gains from other divisions. That’s because RWLV is 100% owned by GB, but others that make money are just 50-75% owned. So, if RWLV performs, it will lift up the group profit tremendously.

High global crude oil price (adverse impact on business and spending power), Prolonged Haze (adverse effect on tourism, travelling & business), & increasing global borrowings yield % (challenging for highly indebted company to raise working capital funds and expensive financing). Perfect storm due to timing of rights issue.

the boss made it clear that it will be 25% to 30% discount to TERP on a full subscription basis. excess rights will be taken up and company will get the 1.25bil intended from the rights issue. Having said that, it is unlikely for the market price to move higher now as that implies higher rights price. Will have to wait until ex-date for short term traders to return :)

That's how powerful the boss is, Vin. Look at GenM's price now versus his offer of 2.35. Boss will say he has no control over market force. One rights issue announcement and that is sufficient to offer boss 30% discount to announcement day price.