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I'm a bit mystified by all of this. Usually capital raisings are well planned in order to achieve certain desirable outcomes such as raising the cash (and are hopefully "heavily oversubscribed" for good measure) and making management look competent.

So what happened here? Usually you have some good news set to arrive just before the CR to get the punters frothing at the mouth. You know, something to get people confident about investing in a company that's share price has been in a steady downtrend for the past year and a half. But there is no vision here, just a bunch of holes the ground.

In my estimation, management has done a shocking job selling the RTR story. They've also botched this CR and now the company looks like a bit of a joke. A very sad situation.