Agree that is an incredibly tough ask, if they weren't raising,...

Agree that is an incredibly tough ask, if they weren't raising, surely this would be coming on the boards at a discount to NTA - say generously -.6 or .7 ( SIV which I view needs equity too) trades at .6x book and Thorn at .5. .

That implies a raising would need to be done at below say 80 cents and probably closer to 50 cents, Meaning you're probably getting close to expanding shares on issue by 60% or 70% to get $25M + costs away.

Mix in material uncertainty in regard to how much the debt facilities will be re-priced, loss of momentum around business growth and the lack of credibility these guys will have with capital markets (particularly debt) to grow going forward.

Sucks to be a shareholder.