there has been a number of things over the last few years: - the...

there has been a number of things over the last few years:
- the sale of the logistics business which was a profitable cash cow supporting the rest which were quite marginal
- the 'return of capital' which ended up mainly being a special dividend that most people paid marginal tax on!!
- the purchase of BJD which at best seems like a marginal business (and less clear how this benefits the group.....perhaps a foot in the door to the UK/Europe, but that is not clear at all)
- the constant hype around the conveyor monitoring system with years in development, trials etc and perhaps 1-2 installations (and we no longer year about it)
- the lack of any major contracts post the ADF (locks) and MOD (fibre) contracts which means that we have 3 businesses that are sub scale and distracts mgmt's attention

There is one decent business in there being the fibre detection business......and if mgmt can just focus on growing that along with getting some maintenance/recurring revenue to keep the lights on until the next big contract lands then they don't need to worry about locks, cameras and manufacturing in the UK.......but just not sure that current mgmt can pull this off.

the only thing that may save this raise (seems likely they will have to raise at ~11-12c) is if they have a confirmed large contract with telstra and need the funds to ramp up for execution........seems unlikely as no mention of it, and even they would have realised they would/should have led with that announcement plus the cap raise at the same point