Let's be honest, someone is buying in at some point, and they're...

Let's be honest, someone is buying in at some point, and they're not going to be able to do that on market, so they'll likely approach EVS.

In my mind EVS have all the bargaining position because...

Yes they may need cash ... but... in my opinion I dont think they'd have trouble securing a credit line if they really needed to. Look at the trajectory - profitability is coming at some point, we're on a very steep growth curve... and the banks will be able to see that.

So yes, someone will want to buy in... but the reality is they dont really 'need' the money, so it will be up to EVS as to how they let them in and at what cost.

At all other points when they've needed money they've had a promising story but no bargaining power, and they've always come as lowball cap raisings to reflect this.

They're coming from a very different position this time... if they even need it.