It's not really putting the cart before the horse because the reverse would be announced with the SEA. It would create a selling frenzy. (if they are going to RS that is) If the SEA is announced W/O a RS, It will be lightning striking IMHO.
Currently there are 803mm and 246mm OS and FT respectively. It is aprox 30%. That's a big % of the co to give up. The smart financial move for them would be to RS, issue, than promote / road show to build liquidity and sell out their offering.
Again, I hope I'm wrong but that is the logical move for them.