Bellcurve. The delay was important for a few reasons. It shows...

Bellcurve. The delay was important for a few reasons. It shows that they were probably unable to raise the money three weeks ago (sorry about the six weeks) which is slightly worrying and makes their comments about demand for the stock a bit unnecessary.

More importantly, it turns the security purchase plan into just a backdoor way to issue heavily discounted stock without shareholder approval. The idea is that the stock is offered to shareholders, if they don't want it, you can sell on the same terms. If you let time go by and news comes, then shareholders haven't really been offered the same terms. That's why in my experience, shortfalls have been filled in the next day or so.

Without looking at the rules around these things, I'm sure they are within their rights, but its not an ideal result. Its using a technicality to issue cheap stock.

Overall it reduces my confidence a little that they want to issue as much stock as possible at 1.0c even after striking oil in a new field. Just a little so I haven't changed my position at this stage.