Maybe I'm missing something, but I fail to see why the share...

Maybe I'm missing something, but I fail to see why the share price has moved up on the "milestone" report. The way I see it:
- the company will have to give away 3 truckloads of shares to raise the £5m
- there is no guarantee they will even then be able to raise the money
- the AIM listing will add considerably to the company's cost base - something they can ill afford
- the company's cash balance is running dangerously low, suggesting the need for yet another capital raising at depressed prices if the AIM listing doesn't come off in the very near future

Desperate times requiring desperate measures is the way I see it.

The wording of the milestone report is also typical of VHL. While creating a positive impression, they don't commit to anything, so that no confidence can be placed on the likely outcome.