I generally agree with you @mowibble except for a very...

I generally agree with you @mowibble except for a very significant issue that challenges the whole investment case. The checks and balances required to control conflicts are wholly unsatisfactory for a publicly listed company.

They have stepped away from having an independent Board. If they think it was necessary for a US listing, then the reasons are equally relevant now.

The concurrent value destruction from repeat down raises coupled with value transfer to C2V at the expense of other shareholders (via high cash salaries, bonuses despite value destruction, and reneging on prior equity participation at higher prices) is appalling and hardly conducive of finding deep pocket sophisticated investor and brokers/IBs willing to risk their research reputations.

Cash spend is still high, execution remains slow (I just see more slippage) so I reckon there will be more capital raising and more dilution.

Investors can say management is heavily incentivised to get it right, but their large exposure also increases the incentive to not relinquish any control.

Unfettered control drives poor behaviours - query whether the Board can ever be truly independent if shareholders permit C2V to go above 40%. This is legitimate criticism.

Probably why the share price has dropped again today ... Last price 6.5. Oh dear.

All my opinion