A share issue may be needed to shore up the balance sheet if, for example, covenants are breached. This can happen even if there is enough cash to run the business itself.
In Duell’s case, potential covenants tied to EBITDA or operating profit could be a reason for a share issue. According to the CFO, this was avoided when changes to the covenants were negotiated with the lenders. It is possible that the relaxations are temporary or that the covenants now negotiated will be breached in the future.
If you own Duell, it is advisable to keep money aside for a share issue or, alternatively, prepare for dilution of your holdings. Depending on the size of the issue, you may need to be prepared to put in money equal to or even more than the current market value of your holdings.