It seems if one or two more savvy board members were introduced ( obviously with sector experience) , most pertinent in the CEO role then PYC should and will be valued much higher, Jim particularly and also some NEDs have shown no desire to think outside the box and have been far too conservative
With just a £2mln cap and only 450mln shares ( many bio tech peers have 1.5-2.5bln shares eg apta gdr etc) and with £650,000 from the recent investment and c £200-300k left from before that is nearly 50% pf market cap in cash
Also the new TR1 holders have
Already here
1) increased TR1 holdings to 20%+ thus decreasing available shares
2) pressured board to increase placing by nearly 35%
3) making BOD more accountable to share holders
4) introduced HNWs to the share register
5) thus even the 0.4p placing has been left behind with share price 20% higher whereas in past the churn lasted 3-6mths
This improvement was down to the activist investors , up till then the BOD were happy to just take whatever poor deal the broker offered it seemed.
Your words
"They demonstrated strong fiscal responsibility by securing a revised capital injection at 0.4p per share a 33% improvement over previous terms, protecting shareholder value"