"I personally would be disappointed if a capital raising occurred in the immediate future before any signings as that would indicate to me that management doesn’t think signings are imminent" - I think that goes a long way to explaining why the SP is down where it is now. Management having flagged the possibility of a capital raising in the press to me is an admission that despite all the time that has passed; they are still not close enough to the big company making deal, nor are they moving towards it at an acceptable pace.
Maybe a cap raising will accelerate the steps towards this. For the sake of all retail holders, I hope this is the case if they do end up going out cap in hand.
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