Seems to me, TSE is on the right track by refinancing rather...

Seems to me, TSE is on the right track by refinancing rather than diluting as the short sellers would have it. They have held their nerve and shareholder wealth will be restored.

The cash flow is sufficient to service the debt and to repay it in due course. The share price will rise and as it does, debt to market cap will fall accordingly and a virtuous cycle will occur. Financing in the USA is fine, the interest rates are lower and the debt can be hedged for currency fluctuations.

Sorry naysayers - the party is over (IMHO) !