Ann: Investor Presentation - September 2019, page-14

Laz I see merit in what Spinny wrote and your great analysis.
My view is the strategy you moot is sound but Dave can’t afford to dilute his current top 20 shareholders any further. (Albeit he could say I’ve used their cash, what the heck!).That said I didn’t see anything in the FO details which suggested we need to fund anymore than the chocolate biscuits in the tea room and Dave’s salary.
I just think the risk of dilution is to great. I hope he sits on his hands and waits for Charlie to be a winner, then the rest of our debate becomes conjecture. The HRZ unconventional is his get of Jail card, the idling soft FO.
IMHO.