Yeah, usually with an announcement like this it’ll usually be...

Yeah, usually with an announcement like this it’ll usually be accompanied by a statement like, “management and directors have taken up their full (or part of their) entitlement in a show of confidence for the project” but not a single share has been taken up by management or they would announce it IMO.
Looks to me like they don’t have any confidence in themselves or the project.
I’m guessing the same donkeys that gave them $94k a couple of weeks ago were probably the only ones who took up their offer and as a consequence they had to extend it. The underwriter must be regretting their decision to underwrite half the offer and if they had any intelligence or did even the remotest bit of due diligence they surely must be thinking of backing out. If they are the only ones to take up the offer I would think that the price would collapse to under the issue price and they would be in the red before they could offload their shares. Either way it’s going down because they will dump their shares to get back what they can. Underwriters rarely hold. Perhaps they’re going to get lucky with another announcement timed perfectly to just after they get their shares.