Ann: Flexiroam Enters the China Market, page-3

I had hoped that yesterday's bump was on the back of the distribution deal in China, but that's probably wishful thinking, especially given there was no market reaction to the recent deal in Brazil that was 6 times bigger!

Given FRX hardly ever trade, it's difficult to say whether someone is trying to VWAP them into a certain range for a CR. It certainly wouldn't be difficult though!

In any case, I suspect that they'll raise to an insider or the FFG director that took the 10 million shares off market last year at $0.04, so it will be more a matter of what the cornerstone investor is willing to pay rather than VWAP that will dictate the price of the raise.

I believe that outside of the recent off market transfer that only ~2 million shares have changed hands below recent levels, so the vast majority of holders would be underwater on their investment (and the initial IPO investors are down 60%).

I personally hope that retailers are included in any offer, and that in addition to providing working capital, the additional scrip adds some liquidity.

We should receive the Preliminary Final Report in the next week or so, which will hopefully provide some insight into how the business is performing.