Ann: Proposed grant of options to Directors, page-12

I guess in fairness, they can't forsee where the stock price will go short term, they just raise capital as and when they need cash, unfortunately for existing share parcels at such a low price it is very dilutive. Also the whole reason for the $3.5m rights issue is to ensure retail shareholders aren't shortchanged by giving them the opportunity to participate at the same prices.

For me the key test will be if this is (as they have said) actually the last capital raising to get them through to profitability. In the short term the sign we need is increased revenue in Q3 to show the Q2 fall in revenue was truly just a seasonal factor.