Ann: Company Investor Presentation November 2023, page-10

Yes, I agree. Don't think I'd be too exercised over the prospect of any immediate capital raise.

Why raise now when the need for funds is not pressing and a re-rate is imminent? Far less damaging of the capital structure, far less dilutive, to wait 6-12 months for the organic growth of the business to tell.

The Kains are themselves large shareholders; Neal Cross incentivised with a large swag of Options.

Having the capacity to raise doesn't mean it has to be acted upon immediately.

People know how to draw hockey-stick curves. Even modest early success onboarding MASS SPECC members will be well received by the market.