quarterly, page-10

I thought the idea was to raise capital at a high share price (less dilution for the original shareholders) - in this case it looks as if management are going to have raise cash at possibly the lowest share price the company has ever had! - and this will be incredibly dilutive (to anyone who does not take up their entitlement (if it is a rights issue)!

It looks as though Mr Gandel and Mr Karl are working towards this outcome! (via a rights issue) and as they have deeper pockets than all the other shareholders - they will just pick up all the shortfall between themselves (at a bargain basement price).

It is probably fair to say that it has been a bad decision not to raise capital at higher levels (if of course the opportunity ever existed!).