In my personal view, the 25% share issuance capacity has been...

In my personal view, the 25% share issuance capacity has been arranged by company to accommodate potential partners who often demand equity as part of the deal @Biosurges

Approval of the 10% placement capacity (additional to the 15% placement capacity) was signalled in the notice of the AGM. The additional placement capacity was dependent upon the market cap remaining anchored below $300m i.e. the share price had to stay below approximately $0.094. If the additional capacity was strategic then it was desirable from a corporate perspective that the share price remained at least stable - there was not a lot of wriggle room. There was also a significant announcement between the notice of the AGM and the day of the AGM - the successful toxicology studies that paved the way to the clinic.

If we start with the premise on slide 6 of the AGM presentation that PYC's technology overcomes the primary challenge for genetic medicines then it is reasonable to ask why isn't PYC creating more interest from a partnership perspective. If a ceiling had been in place in relation to the share price prior to the AGM clearly we now have clear air.