Ann: Change in substantial holding from TRF , page-35

I have some sympathy with Seecat's views even if they were a little indelicately put. This company certainly has suffered badly from the missed timelines (often miles out) over a long period. Personally I think it is simple lack of experience in management but the result is the same. It has now reached a critical stage for the company with the option date looming and , apparently, the funds from the oppies being essential to get to production. I still think it is manageable - for "sophisticated investors" to buy in at .85 when they must have known of the position of the company is v. encouraging. I still think there is a strong chance that the company will announce full external funding within the next couple of weeks; in fact they might wait until after the 30th March and hope the oppies are not fully exercised because the dilutionary effect of the oppies makes them the most expensive form of funding to holders of the heads (including TRF/Ian). Machiavelli could have had a field-day with this !