Ann: Change of Director's Interest Notice, page-13

My opinion is that they will not raise capital because at these low levels it will almost guarantee they receive a 2nd strike at the next AGM and possibly even a board spill. We have all heard how not returning to the markets for capital protects shareholders yet here we are at 5 year lows with great profits, cash and no capital raising while some companies which have raised capital have performed as well or better. Short sellers are involved in price manipulation every day as ASIC data shows so raising capital at an artificially low price would be playing into their hands. We have also seen how the company declines to do a share buyback, despite being one of the few companies with the cash to do a share buyback and protect shareholder interests against constant short seller manipulation. Look at COH and PME performance who are running buybacks. Exec. remuneration, share grants, soirees, great profits and cash on hand are not triggers for payors apparently but share buybacks are which seems questionable to me. Meanwhile CUV is not even in the ASX200 anymore and is less than half of the $2 Billion plus valuation given to Disc medicine which is the closest possible comparison company to Clinuvel and yet Disc is years away from even a possible approval, burns cash and doesn't have clinical trials into blockbuster indications like CUV does. So I think raising capital now would be really poor form when just $20 million for a share buyback would be much more beneficial to the company by removing shares and raising EPS and protecting the share price, shareholder interests, and possibly keeping CUV in the ASX200 as they wouldn't be so attractive to short sellers with a buyback. If capital did need to be raised it would then be at a much higher price and less dilution of shares would occur and negative effect on EPS would be lessened.

All IMO DYOR