Ann: Voluntary Suspension, page-24

Agreed. My post was just an attempt to highlight, in first principle terms only, the theoretical effect of omitting the new cash raised from the analysis, that's all. I thought (hope) I had made that clear. Maybe not. Anyhoo, we both know that in the real world there are a whole host of other inputs that can lead to apparently odd resultant SP values. I think we agree that expectations/confidence would feature fairly prominently once the actual cash was raised (i.e. you can have the cash in bank, but if confidence/expections turn sour, then it the SP will reflect it - same applies on the upside if increasing positive anticipation/exuberance develops.)