up up and away, page-5

In my opinion, ELM surged off the back off the Dingyi Announcement on 13/8/13 to the HSK in respect of the share allotment / convertible notes. This reaffirmed intent.

If you haven't read this you should.

http://www.dingyi.hk/ann_e.html

In the absence of news this will likely shrink down. Have traded this over the last 10 days to try and lower my downside but am still of the view that the intent is there and the deal is more likely than not.

We shouldn't kid ourselves though - this could easily go wrong.