presentation, page-6

I'm a bit more cynical.

They announced that Cannacord would be brought on as their advisor. My feeling is that Cannacord got into their ear and wanted to get onto the illiquid regsiter. Next minute we have a cut price raise that on face value seemed unneccessary and excluded retail shareholders.

They are generating FCF, have already paid for the aquisitions and could borrow money cheaply if they needed some short term funds. No business reasons for the raise that I can see.

Trust and transparency is a key quality I look for in a company I invest in. The jury is out on PayGroup at the moment.