I understand your view completely, but they have forecast strong...

I understand your view completely, but they have forecast strong cash inflow, to the tune of $50m of the next 18m, so don't need to raise cash to build out network, not when they have stated their capex is about 10% of the forecast cash flow. I get it for acquisition, but they have a facility for that (CNW facility, could be used for other small opportunities).

IF they needed to pay cash for an acquisition, they would put the company into a halt, announce the acquisition and raise off the back of that, all within 3 days, backed by insto placement, and then an SPP to retail. My point is, don't raise the cash so you have t ready for a potential acquisition that you don't know is coming or not - and if they had one on the table, they'd have a bit of an issue raising money and not disclosing the acquisition.

todays half yr result is solid. NPAT looks poor due to some non recurring items, and so to does this half cash flow, again primarily from non-recurring. Depn and Amortisation increased as expected on back of larger asset base - time to get that asset base working.

They have reiterated their previous guidance. So FC cash of $14m cash at the end of June 2022 - which is based on current cash of circa $5m, they are therefore forecasting $9m in cash improvement this half, that is cash balance, so after capex....