Yes, it's not great to see a capital raise being done solely for the purposes of strengthening the balance sheet. You want the company to be run with a strong balance sheet as a cornerstone/default, unless the original use of the debt was in service of a tremendous opportunity - the jury is still well out on that.

On first read this does appear odd. A 1-28 raise is small and imo appears to be instigated by NAB who may want some more security against their $25m facility. remember EOl paid a dividend not that long ago, although the b/s has changed since then.

banks go through these risk on and risk off moves, maybe mechanically driven through risk models.

if NAB were really concerned they would pull the facility.

i suppose the directors stepping up is a positive,.

the renewed guidance doesn't look overly concerning to me. (without going into great detail on it)

PC is a huge growth market because of these moves by banks, EOL took the small equity raise instead of a high-cost credit raising, would be interesting to know whether they contemplated that.