When last chance to buy to participate, page-27

Great call gavo - that is the best way to do it. This way means it is almost inevitable that we will trade down to 0.8c.

It says the following to the market:
1. our sales strategy is going to take longer,
2. we do not have the confidence to find a cornerstone investor, and
3. we think the means justifies the end, i.e. a gun to the head of investors.

This structure also means there will now by 6 months worth of 'weak hand' retailers selling off their 0.8c for a 0.2c 'stag' or panicking when it dips down to 0.8c. Plus option conversion games. Grrrr ....

I had been very pleased with the way management had been tracking. Post this cap raising, I now have a question mark about their experience, capital market nous and conviction in their strategy. I'll give them the benefit of the doubt this time through gritted teeth.