Agree that is an incredibly tough ask, if they weren't raising, surely this would be coming on the boards at a discount to NTA - say generously -.6 or .7 ( SIV which I view needs equity too) trades at .6x book and Thorn at .5. .
That implies a raising would need to be done at below say 80 cents and probably closer to 50 cents, Meaning you're probably getting close to expanding shares on issue by 60% or 70% to get $25M + costs away.
Mix in material uncertainty in regard to how much the debt facilities will be re-priced, loss of momentum around business growth and the lack of credibility these guys will have with capital markets (particularly debt) to grow going forward.
Sucks to be a shareholder.
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