I think the capper is........., page-8

Hi Guys,

There is no conspiracy.

Very simply you have a shareholder (and I use that term very loosely) like Bergen who has absolutely no investment correlation with that of a research business that takes time...more time than more/ pretty much all investors have appetite for. Bergen will/must toss all the shares they get within a very short time frame to make their ROI model work. I personally berate any management that expects this sort of 'financing' to work in shareholders interests when a 'shareholder's' intensions/strategy has no relationship with that of the business. Its incredibly naïve but something 'boffin' -type coys get sucked into. Bergen will be out soon (if not already) and hopefully management have learnt never to do that again.
I believe Michael Stewart must have procrastinated over his options knowing that Bergen would sell at/near his ex price. But I think they're now clear so sp pressure should easy off.

Cheers,