You're all missing the point in my opinion. This report is...

You're all missing the point in my opinion.

This report is stating the very least that is required to get the show going.

It's termed "Flying under the radar". They want to remain unattractive to suitors while still getting on with business.

These guys have nothing to prove. Done it all before. They know they can debt fund the whole show. No need to come back to the market, though they might as a cursory gesture to the faithful.

They don't want someone (NST) to steal it from under them.