The market is rarely, if ever, on the mark with the balance of...

The market is rarely, if ever, on the mark with the balance of income to cap. It is not about whether the income 'matches' the current cap (using whatever metric of matching you prefer), it's about whether the income will come to exceed that match and so by buying in when I did I was anticipating a time where the income would exceed the valuation. The market is forward looking, stocks are rarely valued at exactly what they are worth now.

So, yes, the income needs to rise to match the price, but if you wait until it does people's expectations will most likely be that it'll make more money in the future and so the price will have increased (macroeconomic fluctuations aside) to a level that is again above what a 'fair' value based on income may be.

As for the CR comment, well honestly I don't have inside knowledge to know there isn't going to be one, but they have effectively purchased, planned and profited so far. If they were going a CR it would only make sense to me if there was a significant purchase of value to the company and shareholders. If they were going to cut retail investors in on it, I'd be interested, to be honest.