Considering the primary motive for this proposition seems to be to release the company from the control of the concert party I feel that it's not going to work. The principal reason being that I have little hope that the concert party will relinquish their controlling interest (currently 58%, potentially 63%) in WTV.
Even if sufficient capital was raised by your vehicle to take a large chunk of shares in exchange for providing additional funding for the board to use at it's discretion, the controlling party will still be able to make the decisions and although your negotiating position may be stronger you'll still be a minority shareholder with the associated limited rights.
After some consideration I would imagine that the board are seeking something along the lines of:
1) 50% cash repayment of loan note in May '07 - cost = £621k.
2) Re-negotiation of terms of remaining 50% for redemption in May '09 i.e. instead of 115 shares / £1.15 per original £1 loan note, now 130 shares or £1.30 - cost £702k or 70.2m shares.
3) Cash for working capital - cost = £500k
Given this, I think that the co. will need to raise (1) + (3), i.e. about £1.1m, on Feb 26th. How? By a combo of:
1) Placing +/- 1:5 Open offer (120m shares @ 0.5p). Perhaps PR Newswire + CT's vehicle taking stakes!? - £600k raised
2) Bank loan.- £500k raised
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