Ann: Invion announces $2M placement , page-4

Matakus
Shareholders were aware that a cap raising was necessary.
Forgive me if I am becoming cynical.
I thought that the delay in the original cap raising (4.5c ) was because management was waiting for some market inspiring news upon which to raise funds at a higher share price.
You know - acting in shareholders best interests - to dilute shareholders interests as little as possible whilst achieving their target.
Also I thought management may have been waiting for the legal case to be concluded as any company in a legal dispute carries a discount.
I recall at the AGM the legal dispute being being virtually dismissed as a easily resolved matter of little consequence.
Well if that were the case the money would be in the bank and the need for the 2nd cap raising not necessary.
I understand that in a cap raising i.e. 4.5c one, that the shortfall would be taken up by sophisticated investors and directors
However the announcement: “We are delighted to have completed the Share Purchase Plan with a strong response from many loyal shareholders,” said Dr Greg Collier, Managing Director and Chief Executive Officer means nothing! as within a month there is a quite separate 2nd cap raising at a 18% discount to the 1st.
Have I explained why I may be cynical?
1. Lack of transparency with progress and time frame for legal proceedings
2. Lack of progress on smoking trial - have all the required subjects been enrolled? how long to go? and so on
3. Lack of skills in raising money or do these guys know that the results of the smoking trial etc are going nowhere?
Having suffered from Bronchitis I was attracted to invest as I can see a big future for a product that addresses it.
Unfortunately regarding Invion I have removed my rose coloured glasses and why do I have a sneaky suspicion that my investment is being stolen?
Yep call me cynical.