Ann: Successful completion of $12.5m Institutional Placement, page-5

I sold 50% after the AGM presentation and regretted not selling the lot. The capital allocation decisions from this company for the last years have been terrible exposing shareholders to unnecessary capital gains, very hard to understand accounts, and now, a discounted placement "used principally to settle deferred consideration from existing investments and replenish the Company’s operating capital.". That reads to me an urgent placement for working capital needs.

No confidence in the CFO's ability to manage the cash flows and cash needs of the business.
PAC used to be very cheap, but that discount has closed up in my view.