Ann: FY21 Annual Report, page-22

Probably also in QAN's case, an equity raising was expected but isn't - for now - occurring. However its losses per week remain large, and as I said in the QAN thread, some of its assumptions re travel resumption look very optimistic.Its net debt rose significantly in FY 21 and is still doing that.

With REH, in April 2020 there was a capital raising at A$7.60, so even if the shares dropped to A$15, that would still be an accretion of close to 100 per cent in 16 or 17 months. True, the extent of the drop (to about A$20.90 as I write) has surprised but REH remains at a high PE.

Over time, the Wilsons have proven themselves to be great managers, including with innovation. I am not about to sell, but as madamswer correctly stated, it depends on individual circumstances. The CGT liability for many who have held long term would be high even with the 50 per cent discount.