"These guys have had years to get their act together under...

"These guys have had years to get their act together under several management regimes."

You're not wrong there - you have to wonder about supporting a company yet again after so much money has been chucked at it by shareholders in the past.

It's not necessarily that the products are ordinary, but perhaps a case of a number of factors including .... limited funding which always restricts what you can pursue, hence the focus on bedding, which if the market has a downturn you suffer / .... often long development and testing times (jeez FR on uniforms, but even Body Armour - its not quite a "drop in" product) / ..... pricing, Nick Clarke for instance sold alot of product but at a poor margin, we are selling now but at a good margin ... which leads on to management and that whole NC era .... / another factor is volume, they need to sell a lot of treated product to gain decent revenue

I'll probably look to buy more with the raising - in fact I have an order in at .12 at the moment.
I think the team now is the best we have had - with Simon, Billy and Bob (and Rosheen would have helped make some hard changes as well), and the fact that Collintons and Wentworth are buying in at a premium over shareholders and underwriting it and Billy is chucking in $150k - suggests that they see a chance and so perhaps following the "inside" money could pay off.

But this is one for individual shareholders to decide on their own, and thankfully as its underwritten the company still gets all its required cash needs.
I don't think the ship will turn around quickly (i.e. 2H this year) - but hopefully 24/25 could bring in ongoing positive cashflow.
The company can turn a profit whether the Army comes through or not - but if it does the returns could be very good (at least from where we now)