I agree with you. In fact, that is my view.
Still, it's not inconsistent with Solomon issuing shares opportunistically, the best he can given the considerable constraints he has, as you've articulated. The flip side of the first half being more cash flow constrained is that the second half of 2012 is less so, as is the second half of 2013. So even in the worst case, the second half of 2013 will see very few new shares issued, if any.
All depends on the timing of either a bond offering and/or a stepping stone listing in Sweden, both of which can be announced before they are actually executed, and both of which figure to help pps (logically, so hopefully actually).
