I've been pretty harsh on Stef of late. I've been pissed off over the lack of information on commissioning and suggesting that they've been in breach of continuous disclosures... However...
although this capital raise has felt a clumsy, I truly do believe Stef when he says he wants to limit dilution. Yes, we should be weeks away from producing helium which will (should) result in a rerate, so... why raise now when we're not desperate for cash?
I don't have the answer to this, but my guess (as I suggested when the last leak about the CR occurred) is that we need certain working capital ratios for debt covenants or future debt deals. Otherwise none of this makes sense. Stef wants to limit dilution, raises capital when a rerate is nearly imminent, when we're not desperate for cash? c'mon, something else is up, and I have a good feeling about it.
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I've been pretty harsh on Stef of late. I've been...
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