Ann: Appendix 4C - quarterly, page-14

I certainly agree a cap raise is possible.

However the sole reason for their cash position now being a likely challenge is that the RSS centres are in fact under performing expectations - at least from a ramp up perspective.

Historically SOM has never made much money as they have been investing in expanding their global footprint. However they have shown a healthy ability to run a tight ship. Their last cap raise a couple of years ago was in fact primarily for the RSS venture.

SOM has indicated that that the mature centres are meeting original expectations just the ramp up is slower hence the additional cash drain. Taking this at face value, which could be risky, my preference would be to see them slow down RSS centre roll out for a year to let the business prove itself. If mature centres are trading as expected then within 12 months SOM would be generating materially positive cash flow, share price well above current level, and could likely self fund continued growth.