Up to 20%. Expect the worst.If they had a clear bullish internal...

Up to 20%. Expect the worst.

If they had a clear bullish internal view, and *know* that future capital will be easy die to progress they probably would have stated a 5% discount to vwap (95%).

So if anything, it is a statement of either:
- their own dim view of their imminent future prospects.
- a plan for a deeply discounted grab at equity for a favoured partner/investor(s) (the 'right' kind, not the pesky retail sort) in the face of a bullish scenario.