Agreed. My post was just an attempt to highlight, in first...

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.)