Ann: Becoming a substantial holder, page-15

True What A Gas,

The directors are supposed to do what's best for the shareholders interests. Maybe in this case that means letting this new bunch move in, rather than heavily diluting everybodies shareholdings at rock bottom prices, to raise cash that's not needed.

Especially as the price was done at a mkt cap value of $1.68m - well below the cash backing and rebate value. So this raising appears more to be in support of keeping their positions rather than in the interests of shareholders.