With the high risk of a 2nd required raise, you'd imagine that this is going to open sub 10p. If it then over time nudges back to 12p (nice 20% lift for those getting in today) then a 35% discount on 12p = sub 8p on next raise?
Cinch are blocking as BCA auctions (same group) want the auction disposal cars from Lookers and rival bidder inbound gives them better chance of that IMO
I made the call at these levels (fundingndelay or no funding delay) to top up 16m don't think they are showing yet - this is a well run company with a huge asset, even if as worse-case we had to find new funding it is still worth much more than m.cap today