Ann: Annual General Meeting - Address to Securityholders, page-3

"Why the big spike in todays price?"

I suspect it is some kind of relief rally on the basis that the AGM commentary seems to obviate the need for fresh equity funding.

The market is not alone in getting that wrong; I, too, had positioned myself with a minimum holding in anticipation of being able to participate in any SPP that would form part of a larger capital raising.

Not that it means that an equity issuance is definitely not going to happen.
It could still happen at some point.

But the company's management has got the luxury of not having to do it at the current depressed price.

So kudos to the company's financial managers for having efficiently designed the tenor of the company's borrowings, per the "Liquidity Upate" announcement made last week.
(Although I'm not sure if that announcement is more of a comment on the quality and resilience of the business model, or on the somewhat liberal credit practices on the part of the company's debt providers!)