worst case 3c per share cash best case cadlao , page-5

Yes, I forgot about NDO. They just got $30m debt, too, but that seems to be for their own development interests.

The thing about RAI is that time seems to be of the essence, but one never really knows Blade's agenda. If anyone took over RAI, they would still be up for the development costs, and the Philippino businessman's funds to RAI still seem up in the air, or this conversation between RAI and Blade wouldn't be happening. So, if RAI "wins", they still need the funding- can they get it?

RAI raised $4.8m at the end of April (yuk- 9c placement and SPP). They have used $3m of it, but only aim to use $700,000 this Quarter- a big ask, perhaps. I am not sure if they can come back to market for further funds, given they got funds so recently. And hence, the squeeze: perhaps still some SI's in there- drowning with losses; no-one knows how long the arbitration talks will go on for, and the company hasn't given guidance.

If RAI loses Cadlao, there could be an immediate share price shock- because it isn't good news- but then RAI should at least return to cash-backing. And yeah, NDO could still be looking on- they'd be mad not to- but they'd still have to get around the same issues RAI is facing. RAI is all about Cadlao, really. The market is behaving like Cadlao is lost already- perhaps prematurely.