questioning management

There has been a lot of criticism of the company recently as the Q1 "target" date was missed. This is understandable as a shareholder you like to see target dates to be met, but in the real world, this is not uncommon... especially in the case of TIS where negotiations cover multiple countries and multiple market segments.

The company has a responsibility to inform shareholders of future expectations and accordingly they informed shareholders of their target date. Without this the share price would still be languishing < 0.30.

I will start with the bad. I do think it was inappropriate for a representative for the company to state they were happy with their financial position prior to this announcement. In reality they should have been in a TH on that day or not returned SH phone calls / emails.

That being said IMO (although I'm sure others will disagree), this placement demonstrates quality management for the following reasons:
- TH and capital raising before the SP fell as a deal hadn't been signed yet
- Capital raising fully underwritten
- Existing shareholders get a look in -- this is way too uncommon and shows the company respects shareholders interests (and management have significant holdings in their own right), in effect there is minimal dilution to existing holders
- They have clearly outlined their strategy, highlighting the changes that have occurred in the market place as a result of their commercialisation discussions (increase market size, larger manufacturing required, better earnings longterm with control of approval etc., consensus on framework with partners)
- Prospectus s2.8: Have a look at the quality of the advisers, which covers; commercialisation, regulation approvals & reimbursement, market research etc.

Note: I think it is prudent to evaluate management regularly and am happy to hear alternative views, however please state precisely why you dislike the companies management, not just "they tell lies". It's also useful to put yourself in managements shoes and think what you would have done differently to maximise shareholder's interests, without having the benefit of hindsight.

And again, If you don't believe the company, now is your ideal opportunity to exit. Today and the next week there will likely be a fair bit of liquidity.

Personally, I plan to take up my full entitlement and watch this story unfold further.