Ann: Fully Underwritten $5m Placement and Entitlement Offer, page-18

You definition of "confidence" is obviously different from what is intended by the English Language.

In this context Confidence = material and binding off-takes + material and binding finance. With that sort of confidence they'd not discount, wait for the material news to be released and if they needed to raise, raise at the much higher price = significantly less dilution. As Fresh suggested, rely upon the facility they have with AC to maintain stead state.

No Confidence = none of the above = significant discount = exactly what happened.

Your institutional friends are hard nose business people who will exit as soon as they've hit their target, which is probably around 13c. Easy low risk, easily manipulated bot stock for 30%. The market will likely sell this off into the 10c raise number and then it will move up and be sold into by the Institution.

Really have a good laugh at your spin posts.