private placement, page-28

Sorry Jase but I reckon your being a bit harsh.

Lets face it, for what felt like an eternity the company had an open offer for all shareholders to buy additional shares at prices below what it has been trading since. Hardly anybody took up the SPP so they now need to issue the shares what were previously offered to shareholders to SIs instead.

Sure one could argue that it would have been much better for shareholders if the announcements that helped bolster the SP came out during the SPP, not the day after. I believe however it was the SPP itself that was holding the share price down as much as anything else so the end of the SPP was inevitably going to allow the price to rise for the first time in ages.

The company needs the cash to keep things going. We all knew that when they came out and told us that they only had $400k in cash left. Raising a few quid in the SPP didn't change the situation in any substantial way so how can it be a surprise to you now that they still need cash ?

Admittedly this situation may change slightly when the merger goes through as the additional cash flow should help to cover some of the expenses etc thus minimising the bleed until either Bongo or FP starts producing. More cash may be required for FP#2 however so lets not be surprised when they go looking for the capital to do that.

Bottom line mate, you don't hold any stock so you can stop worrying about it. Companies like this need cash and even though I think they could be smarter and more equitable about how they do it, it has to be done.

FP news can't be delayed forever and Bongo news is imminent by all reports. Until the merger is done things need to continue as normal.

Buy in or walk away. Don't stand on the sidelines heckling the players.