Unfortunately it's happening whether we like it or not. I was a...

Unfortunately it's happening whether we like it or not. I was a bit more comfortable with it after reading how the funds will be used, the key now is the execution. What I want to see are timelines. When will the new PCEs be constructed, will it be in time to grow through this winter? I think sharing these details would go a long way to placating long-suffering investors.

I personally would have been happier for the company to use debt, but at the same time it may not have been possible. It looks like NAB is currently the only bank willing to lend to the sector, others either don't understand it or perhaps believe it violates their lending policies e.g. similar to how they won't lend to arms manufacturers. I wouldn't be surprised if NAB also balked at increasing the facility given what's currently happening with CAN. I can almost hear the alarm bells ringing over there as lending covenants are either broken or close to being broken.

The company is continuing to sign multi-year contracts deals, perhaps expanding sooner than organically will allow means they can sign more of these. Wait too long and these multi-year agreements get signed with other suppliers and then they are locked in for the duration.

Whether this ends up being a shrewd move or a misstep by Nan is going to take some time to see.