Does anyone actually believe the share issue will raise the full £8M? Even if it does, history suggests the cost of the exercise will eat up 20% of that.
It's a hell of an expensive way to cement your holdings (i.e. dilute every one else's holdings) in what will always be a loss-making enterprise - a bigger share of a negative profit.
Assuming the share issue, the STs to date, the PATG and the advertising revenue see them through this season, what do they do next? Another share issue?