The cap raise was butchered all right but what really stings is what they were doing in the lead in to it with some of the larger shareholders. Complete misrepresentation were being made by key PAR personnel in an amateurish attempt to get the share price up leading into the already signed off raise. They left it way too late as you have eluded to above. Staggering they didn't understand early on that BP aren't likely to engage unless they can be direct owners of the molecule. It required their consultants to draw this critical business assumption out for them, which in hindsight would have challenged the unnecessary delays over concerns with "leaving too much value on the table".
As such I'll be closely scrutinising the MPS data...particularly looking for what they're not telling us.
PAR Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
(20min delay)