looking very weak, page-17

In my view the cap raising makes it more attractive to prospective purchasers because:
1.) sp has taken a hit
2.) company now has $150M in the bank, no strings attached.

As a prospective purchaser, let's say I am willing to pay $900M for the company - in the offer docs (and to the punters) I represent that as a 28% premium on current market cap of $700M. With the cash in bank I'm really only offering $750M - a paltry 7% premium.