analysts valuation at $4.30+, page-7

Hi Gryphon,

I have met the directors of TAW re that issue and know that they werent the seller. It was one of the large initial shareholders of the IPO that was liquidating a spec portfolio and sold everything.

Apparently something like 11m of the 15m options have been exercised at least (it boggles my mind that all werent considering that they were in the money at expiry by 30c!!!) which puts the company with a cash balance of around $8m, which is pretty comfortable.

cheers