I would include the recent capital raising when looking at...

I would include the recent capital raising when looking at listing price as the raising was not done to generate value but to try to preserve value (to bandaid the balance sheet due to higher cash outflows last season which wont reverse this year). In my books the listing price is now 30-35% lower than before simply on the back of the increased number of shares. Still 80-90cps looks good but only if you believe that this has brand value, which it does not seem to have. The cap to the price is NTA I reckon.