Virax today announed that of a $4.1m rights issue, shareholders contributed a mere $0.56m. $1.8m was contributed by non-shareholders. This pathetic take-up rate (around 12%) by shareholders is a complete vote of no confidence in management.
One would think that in these circumstances, management would do the right thing and resign. Sadly, the jokers running this company are far too self-serving and entrenched to take the honourable course of action.
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