Ann: Appendix 3B, page-28

Most likely the second suggestion as AVQ management have always been confident. There is the sovereign risk now as it took so long to get the ML especially when so many of the boxes had been ticked off earlier this year. That would certainly concern financiers. Also the equity finance that is in place is a negative as this means the share price is always going to be under pressure while this exists. I have seen very few company share price rise while this is in place. Most fall heavily as we have seen even in the face of good news. Bad time of year too for raising funds during Sep and Oct. Many small companies are finding it hard at present to get funding. Pity the ML wasn't approved a few months earlier. Just have to wait bit longer I guess.