Ann: Half Year Accounts, page-5

"The loan just recently completed to allow start of production at Lewis, is a second-ranking charge, so will NOT dilute Waterton's interest."

Sorry last post as gotta focus on other opps. It will dilute Watertons interest if they want to take the whole of Nav ! Check their history of lending small amounts with largish assets as security .

cheers g
ps; In all sincerity I hope I am wrong and I hope kin get the cash and great new finance deals along the way and all shareholders make a mozza BUT the negatives far out way the positives until the cash is in the bank !