Capital raise didnt fail, Management purposefully decided not to pursue it after a board seat was at risk. They were keeping control of their company. People were lining up to buy shares at 4c then. Business has arguably gotten better by then. Only problem is market sentiment. Management could do a bit more to improve it. Also, directors took a pay cut this year aswell, their salary did not increase.
Ann: Preliminary Final Report, page-113
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