new ASX CODE, page-51

hi F&F,
Thanks for the background.
I think negotiations skills are important. But also important is the fact that cash starved microcaps are very easy to exploit. Any one dealing with them knows they can threaten to walk away, knowing a). Knowing few others will deal with them. b). the longer they wait l, the less cash the microcap will have and the stronger their bargaining position will be. It doesn't surprise me WGO raised less money than promised

The real skill for the management of microcaps is keeping costs on a shoestring and preserving cash like Smaug the Dragon. Too often a small company will do an IPO or sell an asset for $millions and then management is content to draw salaries of > $300000 a year and live the corporate life for several years . This is why microcaps are so risky. Not just because the assets are risky, but because it is rare to find good management willing to run a tight ship and and willing to wait for their big pay day through share price appreciation. Good management is critical and very rare at this end of the market