Macquarie would only exercise now if they wanted to sell the...

Macquarie would only exercise now if they wanted to sell the shares immediately and book the profit. This is not a positive for the stock. I don't believe this is their intention though.

More likely, they will exercise at expiry. There is absolutely no reason why they would exercise early and part with cash if they don't need to.

I think we all agree therefore that there is no current capital raising as a result. If capital/equity is required due to the terms of the debt, then it will be done via one of the exchanges. The other option is to sell assets, but the timing is not great for the gas assets given the gas price and the best gas assets in Pennsylvania were sold last July.