If a cap raise occurred it would really hurt me (like before)....

If a cap raise occurred it would really hurt me (like before). But last time I countered by buying like a drunk sailor in the low 50s. But now my funds are such that I could not counter a cap raise. And I am not big enough to be a sophisticated investor.

How does one determine a 'good' balance sheet. I think their debt to debt+marketcap metric has them under 50%. And they (in annual report) say 'the market' will let them borrow up to 70%. And they say they will borrow up to 70% for growth. So, they say, the debt market would let them pick up another $30 mill easy. So they say. So..... with $8 mill in hand (after current works) and another $30 mill on tap (they say they can get) ....and $2 mill a month in FCF, they could find another $45 mill or so to build over the next 6 months.

I appreciate the input Stan. I also 'wonder' if the directors now (with such big holdings) would want to dilute THEIR holdings. Mind you, they would set up to no dilute, if they needed.

Stan the odd thing is: they should not have heaps of cash sitting doing nothing. So, as you say, it is cap raise or borrow. I kind of hope they dont sign any big clients.... and just go slowly, slowly.... or, if they cap raise they simply do it as 1 for 5 or something like that. So a holder can choose to NOT be diluted.

Goodness me. I hope the sophisticated guys NEVER GET THE CHANCE to buy 10% under. YUK!!!!!!!!!!!!!!