Agree that the Modus acquisition pulled a chunk of cash, but...

Agree that the Modus acquisition pulled a chunk of cash, but that was funded by a previous Capital raise.

Many of us were surprised and confused by the Regal Fund Management $15 million loan when it happened. Now looking back, hindsight tells us that Regal were quite savvy in structuring the deal as a loan rather than taking it as an institutional share placement. The Options were free, so nothing much to lose if the share price doesn't support the exercise price on 1 September 2024.

Once again a puzzle exists for us. Why the heavy selling? Who is selling what seems to be large blocks of shares? The company keeps presenting a rosy picture by way of its Business Updates while the share price sinks. The latest bout of heavy selling started just before the recent Business Update, was that completely coincidental? It isn't a good look, and suggests the internal controls may be poor and may not inspire the confidence of potential investors.

If the company does need to raise Capital sometime, probably at a greatly reduced issue price, "who ya gonna call" first for support - yep the institutional buddies. Dial R for Regal. That's one way to dilute existing shareholders.

Can't give this one a "Buy". That's only for the brave, and I hope fortune favours them. Too much uncertainty and the whiff of something unpleasant in the breeze.