Ann: Completion of Security Purchase Plan and Pla, page-3

re: Ann: Completion of Security Purchase Plan... I think the take up rate @ about 20% was to be expected. Bad timing and no underwriting = bad result. But to their credit they have managed an extra PI raising to give them 1/2 what they might have raised.

This is not ideal but its not a disaster.

But AUK now needs to issue a statement as to how they plan to ration out their funds. With this raising I would estimate they have less than $1m net, taking into account cash at end of June and expected outflows this quarter.

We need to know if that is enough to take them to next value adding stage, pre feasibility?? May 2003?