I've been trying to understand what the sophisticates are...

I've been trying to understand what the sophisticates are actually investing in.
Surely they are not just investing in the information readily available via ASX announcements.
Prospective potential.....is that it ? Are we mug punters missing a piece of the puzzle ?
Are we closing in on signing a major partner ? I don't know.
If so................... is not the company obliged to inform the market if progress is being made on a company making announcement ?
To be honest on what I know from ASX announcements if a cap raising was available now to shareholders at .01c I would not hesitate in rejecting it.
The sophisticates funds cannot just be about prospective potential or management saying their excited about the future.
I know directors of any other struggling speculative company do not cut their salaries unless they believe the business can be turned around and successful. I don't see any evidence that these directors are doing anything different. Sure it reduces cash burn and prolongs their survival but to what end if administration was inevitable ?
My gut feel is I do not think we are close to signing any partner because accumulation would be happening with an increase in volume.
If the sophisticates have invested purely on the prospective potential and nothing else I feel very, very sorry for them.