@Kookaburra:> if you can put up a sound business case for 100%...

@Kookaburra:
> if you can put up a sound business case for 100% debt, and
> the banks will wear it, then surely this is the way to go?

Sure, and that's exactly the reason why most financing arrangments include an equity component. I am just saying that realistically there is a certain probability for dilution in one way or another. And if it happens I would appreciate a placement for existing shareholders at a discount.

Best to wait and see and trust managment to find the best possible option.