Ann: $672 million Placement Completion, page-15

It is unfortunate to have so much dilution and not be able to rely more on the internal cashflow from existing Data Centre's.
Unfortunately they stumbled on the Data Centre REIT and the timing of S2.
Actually they may have even stumbled twice on S2, 1) They were very late. 2) Despite being late they undersized it for where the market was going. Laughably it started at 25MW.

I think they were also overly swayed by the initial demand/growth in Melbourne, which seemed to completely flatten out.
It seems they missed the fact that Sydney was going to be the pre-eminent location for cloud (and for good reason).

It's pretty annoying that they were faffing about in Brisbane, Perth, etc...which has cost them massively in terms of Sydney.

Company would be in a total different position if S2 opened when M2 did.