Not totally irrational as the previous CR was not taken up by many of retail investors and Otto had to dig deep to pick up some of the short fall. I would say that in hindsight the writing was on the wall back then that without significant progress any further CR was going to be difficult. Wiser people than me were cutting their losses.
Thats my take on the fall in sp. Our cash burn is large and has been for years with little return.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-28
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