Large bids this morning?, page-28

They're both correct, you're just saying it in a different way.

Simple example. Company is worth $100m. It raises $100 cash. The market cap is now $200m. Enterprises value of $100m + $100m in cash.
The outcome of the cash raise being the exact amount that adds to market cap is the textbook formula you refer to because the amount of shares doubles.

And then to the issue of cash being used over time..

Was the essence of my point.. the idea the use of cash is to be value accretive.. In FAR's case this hasn't been reflected yet in increased SP and further increased market cap yet (IMO), yet intrinsic value has been created (sure, subjective) leading to a cheaper stock to buy.

And of course of the cash is sent into a black hole, then the market cap will reduce back to prior raise market cap through reduced SP