But why?!? Balance sheet sits in comfortable $8.44m net cash...

But why?!?

Balance sheet sits in comfortable $8.44m net cash position, and after the very recent CivilBuild acquisition, further acquisitions ought to wait for at least another 6 to 12 months until SND clearly demonstrates the success of the CivilBuild integration.

IMHO the most recent result was not so stellar that the SND share price already reflects the underlying value of the business. Waiting another 6-9 months for the capital raising - i.e. post delivery of another set of [hopefully] improved operating results should have allowed the raising to be undertaken in a less dilutive manner.

I did not think that SND requires large amounts of cash on its balance sheet in order to provide customers comfort that it can fund its working capital - perhaps I am wrong?

CivilBuild might require some more Capex, but I would be surprised if this required a capital raising and this was not highlighted nor hinted at in the result.

I feel that I am missing something - if anyone can explain the logic and timing of this capital raising to me I would be very grateful.