The other positive for THX is it's cash position. At June 2011, THX had $12m in the bank and projected $2.4m would be spent during the Sept 2011 qtr. At that rate THX still has another year of funding from Sept 2011 for all projects and admin.
Of course if market sentiment remains weak and CR potential follows suit, then THX can wind back some expenditure and defer any CR (yes, value accretion in projects could also get dererred).
Point being there is no need to worry about any imminent CR and equity dilution for a while to come.
red bore, page-7
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