placings are about getting cash for the company - sometimes it needs to be such a bargain (for new investors) to compensate for the risk of further dilution if/when the money runs out.
The placing must have been a bit of a shock to those who believed all was going well.....and I suppose the new Appointment looks a bit odd - as to age I don't think it matters...but I'm concerned that he brings experience of getting technology out into the Market - surely they have done this and are focussed on this sensor-control aspect?

Until a company has an income to support the DIrectors the staff and research the business is vunerable to ruin and/or takeover (at a bargain price!) - so investors need to be able to see what's going on - ideally by see the business on its home turf - look at the products etc......this is why investing in what you know and what you can see is a good idea.

I don't hold VIY:-
1) I don't understand the business
2) I can't see the product, or experience its application.
3) It's based in the US, so any upside (or loss) will involve strange tax-position.
4) 8p shares will continue to be sold long-before I can realise any profit from today's sp (abt 12p) - that's 50% up however you look at it.

However, it's seen some spectacular rises in the past and if they do secure on-going buiness such that their overheads are met...then their future may be bright again.

...or even wait for 6 years and buy at 1.20p... lol