If the understanding of the composition of the capital raising is correct, I am particularly pleased that the bulk of the raising would be by way of a rights issue.
The use of the rights issue means that we will not be diluted - corporate finance tells us that the strike price of the rights issue is irrelevant for the economic position of existing holders so long as they take up their rights.
So if we believe the company remains considerably undervalued, then the rights issue is the best way for existing shareholders to progress.
I remain hopeful.
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