Thanks @h00ts for actually engaging in intelligent debate on...

Thanks @h00ts for actually engaging in intelligent debate on this - at least I know you think things through and have some knowledge.

I'd argue that underwriters/sophs usually have advantageous conditions on any raise - we all know the retailer is the bottom of the food chain on the ASX.

I certainly agree that the unknown VWAP adds an additional gamble to the scenario but we both know that at least half the time after an SPP close date and before the issue date the SP drops in any case, right? There's no way to call that type of raise with any accuracy either....

I still remain unconvinced that there's any serious difference between the two approaches and it entirely depends on the news flow in both scenarios - am I wrong? (asking h00ts here the peanut gallery can save their finger muscles ;P)