Oops, pity retail shareholders...again.
This is a significant discount for 5million presumable to maintain the Directors in the lifestyles they enjoy. If their projects are working, why would they need cash? Just sell some of the product....or has this been sold-forward perhaps?
It shows that every share sold during this last year was over-valued, some at 1 were 5x what Institutions are prepared to pay after most of the risk is stripped-out... or is it?
EDIT(May2011)-Oh deary, and HAWK is now 5p - despite Oil near all-time highers. I'm guessing it is the "oil" Label that stops this chancer from drifting below the Pre-Float price of 3p (stated here by ANO).

hawk at present hawk with the funding recently will drift down to 20 - 22p as this useually occurs after this amount of capital is invested.

Looks as if you are right shadow its moving down.

It is also very much dependent on the price of oil.....but give this company time, and the price of oil will recover as we are a long way off running on fuel cells it seems !, patience is needed in these troubled times.....very few quick bucks to be made now, perhaps a punt on IEC....and even that there is no guarantee that the takeover will go through, but recovery for most stocks will come at some stage.

Chaps there is already a HAWK thread so please blog on that.....there is no need to start another thread.