Your lust for a cap raise is quite astounding. With significant...

Your lust for a cap raise is quite astounding.

With significant expected cash flow over the next 2 years there is only one reason for CR - transactions....They will pay down existing debt with CF, why would you raise cash at such low prices? Would be a significant dilution event if it was just to raise cash. I can tell you Joe wont be wanting to raise cash with his share balance, he would get diluted himself.

Any future new shares will be a scrip offer to support transaction, or raise of cash to support a transaction, but it will all be done in one movement (i.e. offer scrip and Cap raise all on same day/days to support transaction - with or without shareholder approvals depending on size). They also have a debt facility to support smaller acquisitions so still no reason to raise cash.

Only caveat to all that is if the CF isn't being generated, then yes they would need it. But unlikely as they have such low capex forecast over the short term, they should be able to stomach comfortably any fluctuations in trading conditions.

Really, we are all holding our breath for half yr results... Well, not really, should be all fine and give us a clearer picture of the combined entity and hopefully some commentary on strategy and outlook for the balance of the year.