did the directors take up their entitlements.

often when a company makes an entitlement issue, the directors state if they intend to take up the offer, watso is happy to be corrected, but watso never saw any such statement. also watso has not noticed any "change of director notice"

if it is true (and only if it is true), that the directors could not see fit to put in money, at the same terms as other shareholders, then one needs to give this matter some thought as to what they really think the company, and its prospects are worth - especially considering that the recent issue price was at 1c per share (with one free option for every two new shares).