cash position, page-2

Hi Victor,

As usual cash is the weakness of ELK and although the position is greatly improved, the past is our current legacy and yes cash will again become an issue. I don't like the idea of another cr even at these prices. The fact is our holding will become diluted with more shares issued and given the overall fragility of the economy I'd hate to see it slide on macroeconomics with more out there.... also whilst I have more confidence in ELK now I'm not yet totally convinced that with free money they won't start splashing it around a little too readily..... therefore I'd favour a tight debt facility to enable things to move forward to our own strong income stream is operational.