It's actually worse than that... the PGas upfront is not $3.5M, it's a staged payment dependent on several milestones being met over a period of time all of which will happen "imminently".
For example maybe 200K - 500K when vubiquity agrees to provide hollywood content to PGas (still negotiating same deal for Divan 9 months later); another possibly $2.5M for KL data centre head end expansion (no working capital $ for TV2... straight spend on hardware)
That's why I'm questioning timing as very suspect if PGas can happen (they obviously know it won't come in), SP should re-rate and the CR that must happen would at least cause less dilution. PGas won't save TV2 from the need to immediately CR.
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