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that 'analysis' is complete crap.

the upstream business will be battered this year. can just look at commodity market prices

If you look at the numbers below and apply them to CURRENT oil and gas prices, I see the oil and gas upstream wiping out group profits for this year.
The gas price has been battered.
There may be a recovery down the line, but I don't see where optimism comes from for this year.

Upstream
Year ended 31 December 2019 2018 Change
E&P total recordable injury frequency rate (per 200,000 hours worked) 0.26 0.20 30%
E&P process safety incident rate – tier 1 & 2 (per 200,000 hours worked) 0.05 0.09 (44%)
E&P total gas production volumes (mmth) 2,339 2,592 (10%)
E&P total liquids production volumes (mmboe) 14.2 16.2 (12%)
E&P total production volumes (mmboe) 52.3 57.9 (10%)
E&P average achieved gas sales prices (p/therm) 42.9 49.3 (13%)
E&P average achieved liquid sales prices (£/boe) 44.1 41.2 7%
E&P Lifting and other cash production costs (£/boe) 15.2 14.3 6%
Nuclear power generated (GWh) 9 10,199 11,820 (14%)
Nuclear achieved power price (£/MWh) 9 49.2 45.1 9%
Upstream adjusted operating profit (£m) 179 567 (68%)
Upstream adjusted operating cash flow (£m) 635 1,012 (37%)
E&P free cash flow (£m) 10 141 483 (71%)

Taking these factors into account, at 31 December 2019 commodity prices and assuming the current portfolio, we expect 2020 adjusted operating cash flow to be in the range £1.6bn-£1.8bn. This is lower than adjusted operating cash flow in 2019.

This does not inspire confidence. Oil and gas (particularly gas) have fallen significantly this YTD. And as for selling Spirit and the stake in British Energy, has anyone noticed a roaring trade in these assets?

The communication to the market the last two days is nothing short of scandalous. This should have been sorted out on Sunday night.

The recap is coming but, if anything, will be at a lower price than the prognosis this time last week.

Spirit earnings will be taking a hit even though they said they are hedged for this year.
The aim is to sell off Spirit but with O&G prices as they are on forward curve - can’t any quick buyers coming in for that business

On the subject of fairness, a RI IS fair as the current shareholder gets preemption rights and can, if they so wish, buy additional rights in the market.
It is the only way to avoid dilution as there are no great hordes of buyers looking for shopping centres ATM.

If there were, they would be better off just putting a bid into the whole of INTU

'Before rights issue, INTU would need to write off capital value of all ex-isting shares, as paid up capital of INTU shares is 50p and INTU cannot issue shares below that.'

Can we get away from this nonesense that they cannot issue shares below 50p. They will just take a writedown to the share capital.
Basically, the equity is going to be substantially diluted with the capital riase.
The question is, do you think it is worth adding a slice of equity now.
I think so, on the RI, but no point buying into the shares now.
BTW - of the capital raise is substantially more than £1B, say £1.5B, or even £2, the shares might as well be trading below 5p now, anyway, due to the dilution.
Any investor who wants a substantial stake will be talking to the board now, not buying in the market.

'As per recent RNS, Intu is also talking to NEW investors. Any ideas how new investors may participate in equity raising?'

By underwriting the RI. They can pick up the shares that the share holders don't take up.

My assumption:

There will be a rights issue deeply discounted. Anything from 1p to 5p to get the thing away for 1B.
Peel will take up their rights and will probably under-right the whole thing, instead of paying institutional shareholders.
That way, the balance sheet gets repaired, Peel do not get diluted, in fact, they will increase the stake to the extent that other holders don't take up their rights.
I have missed the stampede out there for investors willing to buy large shopping centres over the next month, so asset sales are not an option.
any opportunity is in the RI, not the current stock.

If you just read the responses on here, there are plainly people who are still hanging on.
Can only hang on for so long.
You have to flip the thought process the other way.
Why would someone buy the stock NOW?

'Strong support' is a contradiction in terms regarding the TED share price this last 12 months

Hang on
look at the RNS from October 14th 2019.
The original transaction was in October 2016 (and notified as such).
The shares were used as collateral for a loan and hedges put in place.
Raise valid points about the nature of the business and its current prospects (they are concerning enough).
It helps nobody coming out with wild rantings about legitimate transactions.

I assume that the lender took out the out options to maintain the value of the collateral. As the whole transaction was linked to such a large shareholder, would assume it would need declaration.

This virus in China is one to watch.
If this becomes a SARS-kind of thing, will hit IAG as they have loads of slots to HK, China and the Far East.

I can see the rights issue being priced at 1p to get the shares away.
The issue price of the RI is an irrelevence, really. They are looking to raise about £1B.
If you don't want to be diluted, you can just exercise your rights.
The key thing is, they are looking to raise that kind of amount vs a current market cap of £300M. The price is falling as plainly some of the current holders have no interest in stumping up the cash for the RI.

I have no holding but am waiting for the rights issue to buy in.
They need a recapitalisation to get the LTV down and equity is the only way to go.
Lenders will only lend at usurious rates, if at all.
The business is sound but will probably be about 80% of the size it is now in about 5 years.
They can redevelop some of the land.
The share price is down because either you stump up more cash or you get diluted. And you WILL get substantially diluted.

Today's data on footfall was pretty encouraging as it happens.

I have to agree with Sain.
When the next set of valuations comes through, they will have to hand over cash to keep the LTVs down on some of the individual assets. If the asset writedown is 15%, they have to stump up £82M.
On top of that, they have debt maturities of over £900M between now and the end of next year.
Who will lend them the money at a non-usurious rate?
They need a shareholder with very deep and PATIENT pockets. The stock market is not the avenue for that.
It is a take-under candidate.

I think there IS value long-term and expect a deeply discounted writes issue underwritten by the new/future owners. I am not a holder but will buy when the refinancing goes through. The company owns land that is located near to some fantastic communications infrastructure but in the short term - stay away IMHO.

The price is plainly moving now.
Is useful to sign up for the email alerts on LondonStockExchange.com. Seem to be regular periodic updates on large institutional holdings.
I am liking the large and growing share of sales on their own website and integrating that with PHd can only be good.

Why would cash conversion be poor when they get the turnover at the point of sale?
Unless you are suggesting a stock overhang?

Well - that has been quickly revealed.
Good thing I only nibbled on this one at these 'cheap' levels.
Adding no more and will bail on a bounce.