you are incorrect on a number of points.1) The directors have...

you are incorrect on a number of points.

1) The directors have already stated in the capital raise proposal which was then mandated by the Takeovers Panel that the proposed raise is to be directed towards working capital not extinguishing any director debt.

2) The company is not trading whilst insolvent. Maybe you should read the corps act which clearly clarifies this "as not being able to meet creditors as and when they fall due". Clarification was given in the annual report and signed off by external auditors that the directors will not seek repayment of their owed funds until the company is in a position to do so.