The placement was to an insto, who knows what the arrangement is...

The placement was to an insto, who knows what the arrangement is or was, sometimes you have to pay for your support and good support is worth paying for, if the insto is a long term holder and they get stuck into the sellside it will end up better as they could have big pockets. The placement was small and not a massive amount of dilution with only 17 million shares, i do also see your point in waiting for higher prices. They may have been no results when this deal was done and a gamble to wait.