"CR at this stage also tells me PGas is NOT imminent and SP likely to fall further over XMas (which most stocks do anyway). Otherwise why not wait a few days / weeks to re-rate then CR."
Spot on....the receipt of PGAS $3.5m upfront payment upon conversion to contract would provide TV2 with another 4-6months of working capital under current cash burn actuals cancelling out the requirement for any form of CR. The timing of the CR confirms your concerns IMO.
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