Pavlovas,
You didn't get my point. ROY spent $2.5m on admin fee for a small company. A while back I already saying they need to cut admin fee down by at least $1.5-2m pa. If they had done so a while back, that is saving of $1.5-2m, enough to avoid this 4c raising.
"One capital raising in 5 years" - ROY did share placement in 2013 at 4.9c; 12.5c placement in 2012.... all lost money now.