I noticed that about the March to June Qtr reports but that...

I noticed that about the March to June Qtr reports but that doesn't make or break the story over and time we'll see if this represents some sort of cyclical pattern in sales/receipts but at this low point in their growth trajectory you'd expect there not to be much of one. Revenues don't equal receipts (UCM are on 30 to 90 day arrears from sales to cash receipts) so these Qtr reports don't always tell the best story as June Qtr receipts will reflect sales weakness between Feb to April (Chinese related). FY15 saw cash receipts up 59% YoY which is nothing to balk at still. One should always look at PCP intervals to judge growth, whether quarterly, semi-annually or annually. The annual report is when we'll get the best snapshot though. The CFDA approvals are needed before Pioneer can sell under their agreement which is about $1.3m p.a. in sales (best endeavors) so in my view its a valid excuse, UCM can't control the regulator, its the nature of the sector.

Raising at he 52 week low, there is not much they can do about that. An acquisition came and they needed funds plus the market was expecting a working capital top up. Only time will tell if it will be good or bad money to participate in the SPP.