Ann: Trading Halt, page-165

"Wondering if NUH were more concerned about quality of sophs rather than taking 10mill. Co has been burnt twice by sophs. They may have preferred to get a more stable register at this point in time..."

That's certainly how it looks to me. I think they must have learned a lot from the last CR. At the time, it was hailed as a great success because they got what was then a very good price (9.2c), but it was followed by nearly 8 months of dismal sp performance as NUH became a speculative plaything.

This time round - and especially as the price is no better than tolerable - it's very likely that the size of the CR was played off against reliability of new investors, and kept at (or close to) the minimum requirement as a result.

Much speculation about alternative external funding in future - whether via a JV or borrowing. Both are entirely plausible, even likely, but I don't know any public company that doesn't also want the option of using its equity if that is more cost-effective (not least because the recognised existence of this option can greatly improve the terms on offer elsewhere). The messages I take away from this CR are: 1) management intend to be very stingy with their equity until it is reasonably priced, and 2) they understand that a stronger share register is needed if they are to get (and sustain) that reasonable pricing. In my book, both are very positive.

As to sophs - surely they vary as widely as any other category of stock market player? Some can be very useful and supportive, others they need like a hole in the head. I think they've accumulated enough scars by now to know the difference, and seem to be acting on it.