CR heavily oversubscribed, page-59

I think that the reality is that if you are a company with great potential in the current market your share price will be kept down through market manipulation so that some investors can take larger positions or churn a number of times following capital raisings to sophisticated investors.

This will happen until that power is removed through imminent cash flow. That is why I think STX has been more positive in recent days following the TPD takeover. Market forces know that they have their own cash flow or can get bank debt at more reasonable terms.

I would think that IVZs next method of debt collection would either be another CR, a prepayment by future user (although competition would make this more likely and I don't know how much of this there would be, although it may still make sense for a distributor if it increases their margins) or someone taking a cornerstone position.

I would rather keep capital raising then sell a large chunk for 'unders'. This way I think shorter term gain than long term pain of never being able to increase your ownership in the project, because another company owns a chunk.