expected trial results, page-25

I agree that the cap raising could have been handled a bit better but the fact is it was a contingency/plan B outcome in the wake of unsuccessfully negotiating a commercial distribution deal.

The expectation prior to April was that TIS wouldn't need another cap raise, because the deal would have brought in some money. The reasons for the cap raising were explained well enough in my opinion and I believe that the crux of the negotiations was this: TIS had an expectation of what they wanted from a deal. They were told by the guys "If that's how much you want, this is what you have to do to get that kind of deal." So TIS board walked away and put together a plan on the basis of that information. They would have concluded that they needed more funds and that was where the cap raising came from. So, if it felt like it was a rushed through process (and it did to me) then you'd probably be right.

With hindsight I think the best option would have been something similar to PRR which allowed investors to put in for up to $15000 each of new stock, regardless of the size of the holding.

That said, all this is moot really, the SP is now 20% higher than the cap raise price. We know that key players are overseas at the moment and results from the trials are due soon. In all, exciting times ahead!