I've considered the timing of this, and have put myself in...

I've considered the timing of this, and have put myself in management's shoes.

Management stated that they considered this investor a significant one, therefore I assume they see this relationship as important. So, IF the offer of a placement of shares was rejected by IHL in this case, are they preventing an opportunity to form a relationship down the track?

"Oh, sorry, but we already have a bunch of cash, do you mind just holding on until we have less money on hand and our share price is higher?"..... Nah. It doesn't work like that.

Current investors have every right to feel a bit miffed, but this doesn't appear to me to be a black and white issue. One step back, two steps forward. Let's go.