I doubt management will do a capital raise at these prices and...

I doubt management will do a capital raise at these prices and in today's environment. They didn't even do a CR during COVID and this is for a company operating in the travel industry! It shows the Trouchet brothers are serious about not diluting themselves.

Webjet and Flight Centre did huge capital raises which IMO destroyed their shareholders. For example, Webjet needs to increase their EPS by 250% for shareholders to get back to EPS pre-COVID levels.
250%! Not back to 100%.

If ATL would do a capital raise similar to WEB and FLT, I wouldn't be a shareholder today.