Ann: Change in substantial holding from TRF , page-6

Well you have to be confident I suppose. If the options don't get exercised they are wayyyyyyyyyyyyy underfunded and its emergency rights issue time.

I don't think they can rely on tricks to ensure the options are exercised. For instance, if the shares continue to trade low volume, I wont necessarily exercise mine even if they're trading 85cents. At the moment I have about 170,000 options left. Marked at 10cents that only $17k or a bad days p&l for me. If I exercise it becomes a much more serious position. At a time when one weak day in broader mkts we could approach 75 cents and enter negative death spiral territory. I doubt I'm the only one who doesn't want risk on the whole notional of their position just to make 10cents or less.

I think your last option. Fundamental project updates is the only solution. And it has to come sooner rather than later. They need to set out what's been achieved, steps remaining with time frames and cost to complete and where the funds will come from. (Not just we might get some bank finance in a few months with no explanation). Even if they at the same time extend their time frame for shipping the result will be very positive in my view.

They should provide this information in a presentation and follow up with a conference call. On that call should be all the mgt and ops staff. Including the head project guy who was announced with great fanfare, was it 18mths or so ago, and never heard from again.

I hope I'm wrong and they have some grand plan for this month. That's one possibility but I'm worried they are just sitting and praying for the share to hold up. With perhaps some ideas about influencing shares at the margin as has been suggested. Yikes.