Ann: Redflow enters Voluntary Administration, page-147

A slight nitpick from me. The failed capital raising, IMO, wasn't an alarm bell. It was a consequence of an alarm bell: it showed that enough shareholders had reached a level of dissatisfaction with the company that the company couldn't raise sufficient capital to keep going. In other words, enough people had been paying attention to the other warning bells that they decided to steer clear of the raising. It's only an alarm bell in the sense that it signals to other shareholders - those not paying attention - that there's something pretty serious going on.

Or to put it another way: dissatisfaction comes first. Failed capital raising comes second. You don't get a failed capital raising in an environment that is otherwise completely void of warning signs.

But the rest of the post is on target.