Ann: September 2017 Quarterly Report, page-43

Sure they are going to struggle to enter now and will have to pay higher prices, but big players are not concerned about paying higher prices, they want certainty above all else. It is the fine line between calculated speculating and gambling.

Until this quarterly there was still a very real possibility of a capital raising which would have been painful given the already low share price. It also would have wiped out one of MML's main advantages - its tight capital structure.

It still wouldn't surprise me if they raised capital if the share price went on a good run to say 60 cents.