Agree with most of what you said, but one of the only ways to...

Agree with most of what you said,
but one of the only ways to grow at a reasonable clip is through using debt.Simply ploughing business profits back into expansion will take forever and will do nothing in the near to medium term for the sp.
Tox is in a great position in that it is in a high margin ,high cashflow business, so as long as the business does not borrow to much there is not a problem with this strategy, indeed there needs to be debt on the balance sheet so that it does not fall prey to a cheap takeover.
The directors having been through a near death experience with the company a few years ago will not do anything stupid to put at risk the efforts of the last few years.
A rights issue could be a reasonable idea because it would only be done to buy a specific asset, so therefore would be done from a position of strength, and would probaly result in a re rating upwards of the sp.