@MarkieMills, Good summary of the situation, I thought. Except...

@MarkieMills,

Good summary of the situation, I thought.

Except that your second point under "New Good News" needs to be heavily caveat-ed, I feel.

Because it doesn't go far enough to addressing potential capital shortfalls under certain (quite realistic) scenarios, I think the market's concerns about the stock will linger, thereby preventing any re-rating.

I think they should have bitten the bullet and raised $250m.
That would have placated the market.

But even after this issuance, they will still be a bit half pregnant.