"If you know that you have access to all the funding you need, whenever you need it, without the usual costs of a PP, maybe it just makes sense to draw it down as you need it."

There are many advantages to using private placements with EE. We don't pay commission to anyone, we get the funds right away, and we take only what we need.

However, there are also advantages to public offerings. Take a look at what the Feb 17 offering last year did for our share price. Up 25% in one day. Strong demand in a public offering can result in it being priced above market price. It also allows people to purchase a large stake without moving the share price. It also can result in analyst following.

That being said, management knows a lot more than I do about financing and I'm confident that they are choosing what is best for the company.