Three Theories for the Great Silence, page-86

The under-raise is actually rather a good sign. If the cut stone and special stone model was all just a pump to just raise money for the real plan of having an rough stone auction they would have raised more - it would have been easy since the last CR was so oversubscribed. they must have genuinely believed that they could sell cut stones into the US market and raise cash before the end of H1 and so not need more cash. They really are acting like they believe MUS is massively undervalued and they want to keep as much as they can.

I have no issue with the change in strategy, just the way it has been communicated.