BLG chart, page-570

Totally agree. I think there’s been a big betrayal of trust.
There’s almost a case to say we’ve been misled. Jim gave us confidence to keep investing us when he gave us to understand that a capital raise wouldn’t be undertaken until at least the 2nd half of this year. (And that can be qualified with all the “probably”s under the sun - we all know that was a pretty confident statement.)
So we kept topping up, expecting the share price had plenty of time to hopefully go even further up before a capital raise (especially (if the much vaunted orders ever materialised) so purchases at the prices of the last couple of months would probably still look good value at the point of a capital raise later in the year.
Now, I appreciate that someone will say that Jim wasn‘t able to tell us that a capital raise was to be brought forward - but it could also be argued he had a moral obligation to deal with the misinformation he had previously provided.
I now also think that a better articulated quarterly statement would have at least put us in the picture to the same extent as it would appear all the companies that received leaks were. With the same information we would also have sold down as they did, since most of we insignificant retail investors who have built this company don’t have a spare $100K available to top up for the capital raise.
And they didn’t even bother to provide an update to investors/the market about their Photonics West exposure, in a vague effort to maintain a price. They just let total silence pervade, But I’ve given my opinion on their amateur comms capability.