General Comments / Chat, page-4642

The total we raised was based on our best estimate of the cost of each program taking into account all factors and including the possibility of cost increases and the R&D tax incentives.

Of course all forecasting like this is hard and unlikely to be 100% accurate, but this is the best we can do. We could have raised more by leaving the SPP open ended on the upside, but this would have come at the cost of extra dilution. As I have said many times before we are not interested in sitting on a huge pile of cash just to make our lives easier as management, but in doing what is right by our shareholders. If we spend our shareholder's money wisely then, as we have just learnt, our shareholders will support the company if there is a need for more capital. This is such a simple concept it is a shame so many companies forget about it.