There are several things at play - the capital raising is a sound strategy given the liklihood of a couple of aircraft related IPO's/funds getting off the ground - for Q, doing this prior to 30 June also gives a leaseback potential to shift some of the fleet update capital costs off balance sheet. This also then flows onto the rating etc., and provides a fees vehicle from the fund (the Macquarie formula).
The speculation of picking up DJ is off course wildly off the mark - as is reading anything into Jetstar's increased ASK which has never been a real figure anyway with so much carried across from QF's P&L/balance sheet.
Ben Sandilands does however make a good point about the shoring up and consolidation of the Jetstar interests - 500m is really not going to buy much of an existing airline but it can do a lot in other arenas.
THe key to making any future consolidations work is a high N.A.V of the core business and seamless cross-brand/network/codeshare integration. This has been the game plan and given the global indicators is likely to be a good strategy for what will be a very cold winter.
At least the maintence lists are looking leaner.