mgx ann - quite expected

I expected that there would be problems with this share placement for two reasons:

Firstly, because of the price that the placement was to go through - much above the current share price.

And secondly, this "Grandier family" did not appear convincing, twice asking for extensions, part placements etc...

In the end the market got it 100% spot on (as it usually does) by being sceptical.

The company failed to raise the cash and now it will dilute shareholder equity with what I see is poor planning really. In the end I think MGX did not get any real Institutional support. And going foward, I fail to see how they are going to get their support.

So, MGX is a sell.