Ann: Southern Nights Returns Stunning Drill Intercept, page-85

Whilst I don't wish to reignite the debate about the pro's and cons of PEX management and their capital management skills, the fact that management and major shareholders didn't apply for their full quotas in the last raise is interesting. I distinctly recall the complainers and conspiracy theorists asserting at the time of the raise that management had engineered the raise at a low price so that they and their large shareholder mates could load up on cheap stock. Well, the raise results disproved that theory!