>The deeper and deeper I look, the further I see the same folks...

>The deeper and deeper I look, the further I see the same folks on the same type of speculative technology which >doesn't have a realised product, deal or outside backing constantly doing CRs with the same type of P&D >performance.

You just described pretty much every small high tech investment on all stock markets.

1. Same people. You draw out one or two of the common names in tech here who have multiple interests. Could it be due to the fact the tech is foreign sourced and being on the ASX they have to draw on a relatively small pool of potential Directors etc that play in this space.
2. They dont have a realised product because they are in the process of realising a product.
3. No deal or outside backing. See 2.
4. Doing CRs, because that is how they fund 2. The question of which form of dilutive funding is often a function of how rapacious the funder is. Take a deal too early with a major, loose more than you'd definitely like.
5. P&D performance. You mean large fluctuations in share price by another name. Perhaps volatility is a function of risky investments? I can see any number of small caps doing the same thing with none of the people you all out here.