Ann: Notice of Annual General Meeting/Proxy Form, page-12

What these people are thinking is probably that when they need cash injection around 1-2 years from now, they would need a cap raising. They know that when that time comes, the share price will be around 10c if they are lucky to manage a cap raising. So they are trying to avoid that by hoping to do it now at a share price above 20c. While this can be seen as a vote of no confidence in the business, they think it's a far-sighted approach to avoid a crushing drop down the track.