Given how many cap raises they have done in the past this is a...

Given how many cap raises they have done in the past this is a lesson that should have already been well learned. That's the really disappointing part IMO. I think any company envisaging needing capital (even 12 months out) they need to use any froth in the market or unexpected spikes in the price to do it. The real problem is that they need to use brokers and other instos to raise that capital and those organizations aren't tight ships. The real villians here are the bookrunners. In this case Barrenjoey, Canaccord & SCP. They are the organizations that had the news before the market did and clearly investors in the know have acted ahead of time. Unfortunately this happens all the time and is a sad reality of the industry.