Ann: Trading Halt, page-14

I think you're right Sector, cash and receivables should be more than enough for continuing on present path. At worst based on the numbers given in the investor update cash may be down by about $0.5M which should still put it at about $4M, given the cashflow was $1.5M positive and debt is down by $2.0M.

I do have 2 concerns about the announcement (excluding it being a surprise):

1. The use of the cash raised. If for debt reduction I get that, but the market seems to have digested the debt story by now and the progress being made - so why alter course now? If for expansion I actually have more of a concern about that, because this returns to the old story of manageable expansion for which Dom has a checkered past, on top of which Track has really yet to prove it is truly integrated and on a growth trajectory. To me it smacks of the old habits dying hard.

2. The timing of the CR - before the quarterly has been issued. One would have thought if the quarterly was potentially as positive as it has been anticipated to be (and most of the numbers issued so far suggest it should meet expectations) then why raise before, not after. Makes me think the full details about Track performance not yet released are not showing the anticipated growth compared to previous quarter.

Cheers, Sharks.