Romann you are on the right track. All I will add is that the...

Romann you are on the right track. All I will add is that the current enterprise value exceeds what you say the market cap should be post debt repayment. So in effect, what you are saying is that in absolute terms substantial appreciation in market cap will come from repaying debt from cash-flow/earnings otherwise if the debts are repaid from capital raising then there will be limited if any appreciation in market cap