I agree with you. On my calculations Trafford shares are worth...

I agree with you. On my calculations Trafford shares are worth 47c on its Robust holding alone ( valued at $2.20 per share). If you take its Ironclad and cash holdings into account each Trafford share looks to be worth around 95c.
I suspect shareholders are a little worried over the prospect of another share issue. No one wants to plunge in and then find they have to raise even more cash. Maybe the company needs to clear the air over the prospect of another share issue.