Property developer and retirement village operator FKP is raising all the cash it can without having to get the official nod from shareholders (15% of its issued capital). Which, in our opinion, is a sensible thing for management to do when the stock is trading at such lofty levels. The $46.4m ($45m after fees) being raised will be used to pay down debt. This is a prudent move in our view, although given management's aggressive expansion plans, we wouldn't be surprised to see the net debt-to-equity level rise from the post-raising level of 53%. Founding shareholders Rod and Des Forrester have also taken advantage of current enthusiasm and sold a 5% stake in the company to Mulpha at $2.7375 per share. We think time will prove that to be a shrewd sale from these experienced insiders. And, with the stock up 17% since issue 140/Nov 03 (Sell/Avoid-$2.55), our negative view remains. FKP is a SELL for those who haven't done so already and one to AVOID for those who do not own the stock.