the question is, will the paying off of hedges be a good thing,...

the question is, will the paying off of hedges be a good thing, and the answer depends on whether the pog will continue to rise, so the market will take a wait and see attitude. it will certainly increase volatility as lhg will directly move with the pog.
no doubt the capital raising for further expansion is an unqualified bonus and should be a nice earner in a few years.
l expect once the insto bookbuild is completed on Friday it should re-open. Next week us small fry will get the opportunity to buy at $2.30, and as the record date is April 20 there is no opportunity to buy for entitlements and one is free to sell at market and still receive entitlements in the mail.
Thus it would be expected to see an avalanche of selling on the re-open as all the short sellers take their losses on the chin. The pog will also make a difference, however the instos hold 80% and they might not be sellers just yet, but who knows ? In any case l am afraid that the price will at some point come all the way back to $2.30 so it will not be a happy time for most.
However the longer term perspective is that no further cap raisings should be required for years, cash flow will be high, and if the pog advances further it will be seen to be a wise investment.

Short term pain for longer term gain, l feel. Those with losses will not be so philosophical and will not be able to take up the entitlement which is a pity. l would grab as much as possible at that price.