Ann: Institutional Placement to Raise A$52.9 Mill, page-7

re: Ann: Institutional Placement to Raise A$5... Why dont these companies raise money when SP is at a higher level and minimise dilution. All the elements of where they wanted to spend this money was known when SP was 2.00 yet they wait. is it because they felt the sp was overblown at that time and a successful raising would be much lower price or something else. I'm not targetting PIR here. See it frequently in other companies.