Sell can also mean that trust has evaporated, from...

Sell can also mean that trust has evaporated,
from 20c-5.5c-1c

the sharp fall from 5.5c to 1c, for an acquisition.
There are few words that can do justice for this destruction.

If their previous spin, and way forward was genuine, why destroy the registry for a grab at an existing EBIT?

Ans. Because the former was a broken dream. And the dream, kept getting sold as a pipeline to get them to break even. And only from buying other DCs EBIT, can they get any momentum against their overheads.

in other words, the former was hog shit, and the desperate change at any cost, (1c) to put some thing in the kitchen before the lights go out.

Perhaps HC need another sentiment "AVOID".

I still wonder how many longs there are who Believe, they are the ones if it buy under 1c, that i want to sell to into say 1.5c, who believe in equilibrium in MC valuations, rather than the look ahead into more dilution, and therefore a lower SP at same MC.

Now to mismanagement of capital at 5.5c. Why did they allow their underwriter we assume, to dump their shares, and options, as would suspect they had insider knowledge of this acquisition ? What they should have done, is lock the underwritten script in escrow for 6 months, and do a accelerated rights issue at 5c, with full explanation of their urgent need to bring on EBIT from existing DC, with humble pie admission and transparency of their margins, and overheads. And offer every option holder, a replacement 3 year term. Not just treat them like confetti to be fed into the street sweeper.