I don't think it insider trading or anything sinister from...

I don't think it insider trading or anything sinister from management but I do think they have a very hard time raising capital. Rather than have a large cornerstone investor who they can hit up they have to go to market. It seems they do this through their chosen broker who they have strong ties with. This broker then rings all the sophisticated investors letting them know a cap raise is coming. This sends the share price lower as they all know they can sell and buy back in the CR. Therefore the share price falls significantly prior to any cap raise announcement meaning that POD has to reduce the price even further to attract interest.
Compounding the problem with this particular raise was the entitlement offer. It was over a very long period and all the time the share price was under pressure while the general market bounced. POD missed this bounce and is now caught up in another general sell off.
When small cap stocks gain momentum (in either direction) it is hard for this to be reversed. It will take some serious good news from somewhere to stop this slide. Otherwise we are back to 10c.