What they did at Arrow to raise funds was they did a deal at the...

What they did at Arrow to raise funds was they did a deal at the asset level, not the equity level. As the market quite often doesn't reflect the value that an asset level partner would pay, it was a smart move. Not saying it will happen but all this talk of a capital raising would force management's hand to do an asset level deal. Just because the 50m shares gets approved at the EGM, doesn't mean it will actually happen, just gives them the option to do it any time in the following 12 months.