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"Loyal retail investors don't get a look in again and cop further dilution."

That's the really surprising thing about all these equity raisings: every time it's new, or institutional, investors that get the benefits of the discounted entry price, never small shareholders who have been loyal, long-term supporters of the company.

It's a bit of a pity, because I'm sure that some investors who were buying shares over the past few weeks and days at prices well above $2.00/share - in the belief that they weren't going to be diluted by a discounted placement - would have been happy to now also buy shares at $2.00.

But it is not to be, unfortunately.