Don't misunderstand me: I do think there's some pretty strong...

Don't misunderstand me: I do think there's some pretty strong potential there; there's plenty of reasons to be optimistic about the company's chances. But yes - there's this feeling of "what are they not telling us", and the fact that John Lindsay was the only one who took up a significant chunk of his allotment (and that only about a third) leaves a strong feeling that we could be being taken for a ride.

I'm comfortable with my decision to take up a little more than my allotment (having sold half my stake to fund it at slightly above the offer price; the excess I took was basically the extra cash I got for those shares over and above the allotment value), but I'm also feeling very glad that I decided to not tip in more money out of my own pocket. The directors do have some skin in the game - but not very much, and their actions here do not reflect their rhetoric. I can understand not wanting to have all of one's eggs in the one basket - but at the same time, where's the conviction? Where's the demonstration that they actually believe what they're saying? If they'd put in more than their entitlement it would have been a much stronger sign in the company's favour. Yes, things could still go pear shaped, but it'd be an indication that it wouldn't be for lack of trying and belief on their part.

The next three to six months will tell the story for me. I want to support this company (and others like it that are pushing technologies that will help us transition away from fossil fuels), but they're really making it difficult for me to justify any further support in future raisings.

I dunno. Maybe I'm just jaded and tired. Wouldn't be the first time.