Ann: Corporate Presentation - Pavo Discovery, page-95

I'm happy to be corrected on the logic, but would the market not price in a potential equity sale in the same way as a capital raise? They're both a means to fund the required capital shortfall via a change in equity. One (CR) increases the SOI to fund the shortfall, the other (equity sale) sells off some equity so that the shortfall is reduced/eliminated.

Considering the share price is a function of the potential income multiplied by a risk factor, reducing the income per share by either increasing the SOI or by reducing the size of the pie is going to have the same lower share-price result. At least with CR if you truly believe in the potential and it comes through there is a bigger reward (if you can take part), with an equity sale you risk giving that away but reduce risk.

There's competing interests between share-holders (who vote), understanding future risk (POO/demand/energy-transformation) as well as managing all the options to maximise share price at the right time (encouraging/avoiding take-over).

There's a lot for the board and Azure to work through, exciting times for LTH!