General discussion, page-320

Fully drawn but the proceeds of the insto placement and cash were on deposit (value $17m) so about $3m net cash. I’m sure you realise that but some casual readers might think the placement was absorbed into the facility. Orders will be much higher we are told this quarter, hopefully so will cash receipts, otherwise an embarassing follow up placement or renegotiation of facilities. Otherwise I agree with your views and outlook and look to see this as the low period for the stock. But I still do not understand how it has taken so long to earn bugger all.