Your summary captures the most likely scenario, ie no cap raise,...

Your summary captures the most likely scenario, ie no cap raise, I’m agreeing with you and your sound logic (from the fence) . If FDV see, or are presented an opportunity to acquire another quality classifieds market leader, I’d back management to make the right call (if funds are required). That was my point, it can’t be ruled out (opportunity dependent).

FDV’s performance in South America, North Africa and the Phillipines over the pandemic was exceptional. Time will tell if those cap raises were as good as I think they were.