Yes this is great that management are participating in the...

Yes this is great that management are participating in the capital raise. Let's not forget however, that they did not pay a premium at this raise. At the time, this raise was at a 16% discount to the share price at the time. Throw in a free option for every two shares, also providing a risk free opportunity to make money in a few years.

All said and done, I would prefer directors and management to buy shares and participate In these offers as opposed to gifting themselves millions of free options, convertible for free by the company (no risk or cost to them) for milestones which they know have already been achieved. At least they have paid skin in the game this way (even though I would suggest their generous pay rises last year should cover the costs).