If SE2/3 didn't surprise everyone to such an extent, Phase 1...

If SE2/3 didn't surprise everyone to such an extent, Phase 1 development would already be in progress and in less than 12 months' time, STX would have had approx 200mn of annual revenue. My point is that up until the SE2/3 nasty surprise, STX didn't need to raise capital. So am unsure the timeframe you are implying by your comment "cr should have been done earlier".

And I will emphasise the IF (in upper case) in my earlier post. I still don't think we need one, and SN had also categorically ruled it out during the Feb half yearly call.

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