Ann: Chairman's Letter to Shareholders, page-23

I think the issue for shareholders is that successful raising of debt is contingent on equity raising. Obviously if TNG could secure debt funding first, then this would be far less dilutive to shareholders. If the debt issuance is tied to an equity raising, then I would expect the major beneficiaries to be those arranging and providing the loans.

This is all just my opinion, but investors have to ask the question why take the risk on the debt side and not benefit on the equity side, given that the debt facility provided would likely confer significant benefit to existing shareholders. It's simple risk/reward stuff.

Good luck to everyone. I watch with interest as this is crunch time.