what is the problem?, page-7

Do you seriously think the insto's would have supported the
2 capital raisings at 85 cents if they thought that they
would be able to buy at 55cents and below later on?

Of course not.

Therefore we can only conclude that things haven't progressed
as well or quickly as the insto's had expected...and they
are underwater about 40% on those two CR's.

My point is, the insto's can (and do) get it wrong.

AS bought at prices much higher than this. This also
indicates to me that progress has been slower than he
anticipated also.