Shine I / IG4 - Run 5S, Round 1

The Q3 sensitivity improves option value and argues for testing an extension before imposing permanent dilution. The midpoint is nevertheless close to the company plan, not a boom case.

Offer: accept monthly liquidity reporting, performance covenants and a cash sweep above an agreed floor. Consider contingent junior capital or equitization only if reported cash conversion and liquidity miss negotiated tests.

BATNA: pursue a majority-backed EJ while preserving a meaningful residual stake, or defend value in RJ.

Non-negotiable: no valuation based on Q2 peak EBITDA and no immediate control transfer based on an unreported spread proxy.