Anybody who is surprised about a capital raising did not read...

Anybody who is surprised about a capital raising did not read what management have stated (in the annual report and in presentations) - that they have enough money until end of Q211. That is seven months away - that is not long. Imagine trying to negotiate with companies 20 times the size of you whilst you have enough cash for 7 measly months. Not a real strong negotiating position.

Dissapointed, yes, that the capital raising is not coming with a major signing.

Dissapointed, yes, that small shareholders are missing out on the offering.

On the positive though, this does de-risk the stock and small holders will probably get the opportunity to buy at the 'sophisticated' offer price over the next few months.