News: SIV Silver Chef Posts FY Total Revenue Of $287.1 Million, page-11

I agree - there are sub-optimal settings for any business - the market doesn't care about feelings, or whether it feels like a bad time to crap raise.

I think the market has lost trust in SIV management too. Any opacity is the enemy of the share price now IMO. Any more trust us statements that are not backed up with facts will probably be used as liquidity events to sell and ignored after a day or so.

At this stage, after being a sucker earlier on, my feelings are that I personally would be willing to invest in SIV only if there is transparency (I'm short it at the moment), and the following are taken care of:
1. A statement that if a capital raising is done, the intention is it will be pro rata.
2. Quarterly updates with the key covenant metrics covered, aged debtors/receivables, P+L and BS details (and cashflow always nice) for the whole business (not just cherrypickings), and an immediate outlook statement.

Otherwise - no thanks

All IMO