The other side of the argument is that a cap raise puts a company in a better negotiating position. No cash on the balance sheet indicates a greater need to do a deal and less ability to hold out for a good price.
BLT did a consolidation and a cap raise at the same time a few years ago and had a good run on the back of it so I don't see a conflict - it probably makes some sense to fix both problems at the same time rather than take two separate pastings. Not suggesting anything either way, just saying there are pros and cons.
Ann: Quarterly Review and Appendix 4C, page-7
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