Ann: Trading Halt, page-54

No-one knows the results of US studies.. if RAP do then that would be criminal. I know that type of stuff has happened before but for a board to know or suspect results will be bad without announcing it to the public, then complete a CR is highly highly unlikely. I don't think that needs to be really considered.

Why now, is the big question. With ~3.5 Mil in the bank and results due imminently, what could justify this raise?

I assume RAP will justify it with some sort of 'used to rapidly expand operations etc etc crap' with the reality that they wanted 'insurance' incase the study failed again. A discounted (~20c) raise to some insto mates for ~5 Mil + some options is the most likely scenario IMO with no long term shareholder benefits/options etc and no accompanying announcement.

The only potential positive for a CR is a cornerstone investor that had an offer too good to resist but I don't see that happening. Throw in a rights issue + cheap options for existing holder and its a great deal. Again, highly unlikely IMO.

For those having a go at management not being 'honest' about the prospect of a CR. That is prudent management, the last thing you want is your board announcing they will raise capital... that a certain way to tank the SP and raise at a lower price.

On a separate note, i dont see any chance of an extended TH drifting into release of results... that doesn't seem to tick the corporate governance box to me, so i dont see it happening.