Ann: Placement Raises $3 Million, page-52

Fair pt Piggy that mgmt know what's behind the scenes. And yes, I'm enjoying the buying opp, and hoping it could be even better tomorrow!

My concerns, however, are (a) a rts issue or similar gives SHers the chance to decide for themselves whether to allow dilution of their holdings. The terrific buying opp today is not a mgmt contrivence, but a result of our collective views on progress to date and prospectively, and I believe the cost of fairness is worthwhile, ie underwriting costs etc.

And (b) regarding the SP taking a hit, I can't agree with the sentiment as the SP has fallen sig'ly since the $4m CR. Also if we add $4m+$3m we get $7m, perhaps we could add earlier raisings and the oppies conversion (arguments either way here), but even on the most conservative assessment we are well on the way to a decent CR, plus it's v clear mgmt have badly underestimated the required costs to get where they're going, maybe due to unexpected delays, or poor expense estimates or something else I don't know, but clearly there's a challenge there somewhere.

Worth noting too that CRs with sophisticated investors are not cost free either, merely sig'ly cheaper in dollars (although not a huge amt less in mgmt time and focus), and the costs have to be multiplied by the number of times such CRs occur.

Pt