Is this good news or bad news?
The take here is mostly negative from the AGM. Should it be? Wasnt this in the end really expected?
Does it make much difference if they double the flaot or trade away 1/2 of the company in a JV? Half is half no matter how you slice it, and it was bound to happen by the time they can have a product to market. Dilution and/or JV taking a big slice was always inevitable wasnt it??
They abviously want to maintain complete control, cause with a partner you must accomodate their wants and needs as well. That doesnt alwys jive with what the company and shareholder at large want.
Dilution I think at this point is best.. Keep control and continue with phase 2.