In my experience I've not seen it specifically stated that...

In my experience I've not seen it specifically stated that employees holding shares are or are not participating. The raise is to existing share holders as at COB on the 8th. This includes all shareholders. We will be notified via change of directors interests if and when they participate. At this point we are none the wiser as to whether they will or will not. It seems to me that you have made a few assumptions of late that may lead to incorrect analysis. Firstly, that Insto's were not interested in the raise and now that the Directors are not interested. Whilst you may be correct there is no evidence to suggest it.