OK, I'll admit to being a little confused this morning. From...

OK, I'll admit to being a little confused this morning. From re-reading the initial announcement, it's not clear what proportion of the $3.2m they hoped to raise was intended to come from the institutional portion, or whether that institutional offer had been made wider than HNG, only that HNG were fully underwriting it.

Has this just been a spectacular fail? HNG have taken up their 'full entitlement' but presumably no other institutions bit. Or was that the intention all along, with this plus any shortfall from the retail offer effectively giving HNG a decent portion of control in the company?

And what's the go with the buy/sell side all of a sudden? Was it HNG who had all the orders on both sides of the ledger to try to give the semblance of a semi-liquid market in this stock, and they've just pulled them as they don't need them any more? And what's with the bizarro seller of a million at 13c?? One thing to make the sell side look stacked with false offers hidden well away from the strike price, but that kinda fails when there is no sell side to speak of and it's sitting there all naked!