MST Access valuation, page-5

unfortunately with the last raise, management didn't value the company in the mid teens with the raise being done at 10c.

The shareprice had good momentum trading between 11-13c heading into good results. The good results arrived but announced with the 10c raise. Personally, I would have let the results speak for themselves without a 10c raise dulling the news. They weren't desperate for cash and had they hit mid teens, some option holders may have sent cheques into the company. The raise was heavily over subscribed, so could be argued it was done too cheap and they possibly could have raised at 12c which would have sent a more positive signal to the market.

Just my speculation of course..... It could be argued they were wise to raise when they could in this market. But they certainly put a halt to the momentum they had built.