technical update : ecn, page-9

D,

Will call 16.5 if we see capitulation. One thing that I have spent last few hours mulling over was a question I asked at the EGM regarding any possible widening of credit spreads for the proposed debt component of the funding for Perkoa. Given that there is now a major tightening in the debt markets and a high degree of risk aversion I think it is reasonably safe to say that whilst AIM may have a number of people expressing interest in participating in the debt component of a deal, the margins being paid by AIM over the US Fed Rate are likely to be quite high. Wonder what the knock on effect with this will be.

Suspect that MF and VB are going to have one heck of a time on that road show trying to get money out of financiers in Europe and the particularly out of US financiers who have had their fingers burnt lately.

Better go and fix ourselves a stiff drink ... today may get ugly. Only saving grace is the cash sitting in the bank on the back of the equity issue. I think we got quite lucky on this one in hindsight. Am still a believer but have the presence of mind to realise that the next couple of months are going to be interesting / worrying.