Ann: Company Update, page-60

You can put lipstick on a pig...

I think it just as possible, if not more likely, that the 'newly designed' nano-sats have less to do with a 'growing demand' in the Iot and M2M sectors, and more likely a failure to demonstrate business and/or operational viability for other purposes. Take a look at how far the goal posts have changed since the January Investor Presentation. All on track? They are off road and just trying to not fall off a cliff.

Given the launch date is now looking like 2020, the company not only doesn't have the cash to fund and launch the Pearls, they won't be able to keep the power on for anywhere near that long. So how will they keep kicking the can to launch? More CR's? Each at probably another 44% discount. Bank loan? IF it is successful, I shudder at the thought of what terms they will be made to agree to. Look at the last CR. A bank will be more ruthless than those Insto's which put SAS over a barrel at 3 cents. All this on top of the fact that the existing pricing model for the Pearls will be replaced with a cost plus model. Not to mention, as highlighted in this announcement 'debt funding for launch' (not operational expenses).

Now IMO, the news regarding a delayed launch alone will cause the SP to tank (you can hold me to that). Not to mention MM's resignation (oh how the sentiment towards the 'saviour' has changed). Not to mention the changing game plan. Not to mention the huge financial cloud growing darker overhead. Not to mention the overall sentiment of holders over the last 2 CR's which have coughed up money under the illusion of funding the first batch. Look how far all that cash has taken them.

So if the SP plunges sub 2 cents, sub 1 cent (I think it will - again, hold me to it), what hope do they have of another CR? Next to none if you ask me.

Oh but yes here come the posts again about this white knight funding SAS, oh how one poster here went hard on this November/December and look where we are now. I didn't think they would have the nerve to start promoting this theory again. At least looking at the overall sentiment on this board there will be fewer people buying into the 'all will be revealed soon' spin.

Yes this pig has been splashed with lipstick all right, but it's only headed to one place. Starts with abba and ends in ttoir.