It does seem unlikely a CR is needed, and the MD addressed this...

It does seem unlikely a CR is needed, and the MD addressed this directly in his interview, saying it is both unlikely and not required now. Indeed, his whole focus is on running the business.

But, ok, let's say now or in the future an opportunistic raising is deemed appropriate. What would the quantum of a raising be? Perhaps $3-5m for a year's runway. The market would absorb this without a blink, and most existing holders would snap it up. If anything, in these circumstances, it could provide impetus for the price to go higher.

So, I think it would be a small raising and later rather than sooner. Management don't need to dilute themselves and have a big incentive for the share price to continue rising, based upon its sound and improving business fundamentals.