Ann: Outstanding Shareholder Support for Share Purchase Plan, page-46

I'm surprised the SPP only attracted $29m in subscriptions. I certainly went for the $30k max in each of my accounts, including where I had only a small position. They could have accepted up to $147m had it been offered.
I actually bought some more yesterday into the weakness.

The fact they don't have an immediate plan for the immediate use of this capital is irrelevant in the scheme of things. The danger before was that they would be obliged to sell out to another bigger company because they lacked the capital to scale up, having reached this inflexion point for sales.

With sales opportunities in so many directions, the main risk now is whether management can successfully organise a controlled expansion of facilities, personnel etc. They can do so free of any worries over future funding, which is a big plus.

Will the share price decline back to 30c following this lack of scale back? Possibly, if the market is also weak, but we are still talking of a company which is only just on the radar of insto investors, most of whom won't have been able to buy into a micro-cap until it gets over $200m mkt cap.

Trying to trade out and back in is almost certain of being thwarted by top up buying or new buying, and while there is reasonable turnover most days, its vulnerable to a spate of new orders being announced and gapping up, probably several times, if their tecnology is as good as it appears to be. Early days, lets see what the next 3 years delivers.