I certainly would not be able to put a positive spin on that....

I certainly would not be able to put a positive spin on that. Absolutely agree that it is a disgusting deal to take taken place, especially when the share price has not advanced in several years for patient shareholders who actually have to pay for their shares.

That said, at this end of the market I am simply not surprised. There has rarely been a speccy that I've been in where something like this has not occurred and I have not rolled my eyes and thought how is this even permissible? And I know this isn't the worse example I could think of.

I can't imagine all those sophisticated investors who took up the raise recently at 1.8c are very impressed and would be willing to do the same anytime soon. Then again, at the previous raise at 1.8c we had some of these sophisticated investors come into the VEC forum to boast that they had sold much higher (after that raise, there was a lot of opportunity to sell higher) so they were probably hoping lightning would strike twice so soon after the raise.

Simon Youds had better come up with a better financing deal soon as he talks about in the audio interviews. There can't be anyone out there that is very impressed with where the sp has gone currently other than those that are accumulating. I'm incredulous as to where the sp currently is.