"They continually refused cash when it was offered because they...

"They continually refused cash when it was offered because they believed the share price was too cheap," an insider familiar with the deals said.
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It is understood that about a year ago a syndicate of investment funds offered Ventracor a cash injection of up to $70 million, enough to fund all the remaining trials needed to get VentrAssist on the market.

It was potentially the last capital raising Ventracor would need to do.

.......but the offer was rejected because Ventracor's managing director Peter Crosby felt the price, which was at a discount to shares at the time, undervalued the company.

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With US advisers Cowen Group, Ventracor went in search of a better deal, but as global equity markets crashed, it became increasingly desperate and by mid-year plans were under way to raise $9 million by issuing controversial exploding convertible notes.

The deal would have required Ventracor to achieve certain milestones -- if it didn't, it could lose the entire company to the new investors.

That, too, failed to get off the ground.
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Quote 1 - One can understand their refusal to accept a lower SP, but how can you just sit there and do NOTHING to help the sp along. Again PR???

Quote 2 - He rejected $70 million (that's almost 1/3 of the funds raised to day in one sweep). And still no action to improve the sp. what an incompetent!!

Quote 3 - If he did that, it means he didn't think he could meet the demands, and HE would have lost control of the company, an all of his benefits!!!!