I agree with your whole post, except the statement above.
The company did have to meet cash obligations for planned growth and did so. If the argument is that the cash component of CapEx is inextricably wound up with the non-cash or otherwise JV committed capital, that's interesting. And it's also justified, from my perspective, but only for the very infancy of the company, when there may have been no choice.
Now, there is a choice, after better alternatives, the last resort being slower growth in lieu of dramatic eps dilution and shareholder killing overhead.
Letting the shares breathe, as you say -- especially coincident with the FN listing, is one possibility.
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