Because you are focusing too much on hard asset. Higher spending in R&D doesn’t justify the prosperous future growth.
RAC is by far the most conservative company in term of capital structure, they are taking low debts and maintain low number of shares to advance the shareholders’ value.
I am sure that they will raise capital eventually to fund the future clinical trials, but when the time comes, we will raise it at a super premium for a low number of shares to be issued.
Ann: Quarterly Activity Report & Appendix 4C, page-12
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