We've been very successful, I would say, in raising debt financing in the market. I think that, bluntly, investors outside of Canada have a better understanding of the nature of our business and are more comfortable lending to a business like ours. That's where most of the satellite financing comes from. It's coming from Europe, it's coming from the U.S., and those are the sources of capital that we tapped when we did our debt financing.
Why is that inadequate, just the ability to raise debt, or why is it inadequate to be able to raise equity financing but through non-voting shares? One, there is a discount that non-voting shares will trade at relative to voting shares. You have to have somewhat complicated capital structures, and there are some funds that are restricted from buying non-voting shares, so you've immediately taken yourself out of that tier in the market. Two, if you want to use your stock as an acquisition currency, it's just not that attractive to a selling shareholder to be given a stake so that they can be part of this new, more efficient, larger entity, but they have no say whatsoever in terms of the governance of that new entity, which is what happens when you get non-voting shares.
That's why, for us, just having access to the debt markets and having access to the equity markets but with non-voting shares just doesn't get us to where we need to go.