why are people selling?, page-10

The conspiracy theorists would probably suggest otherwise, but I susbscribe to the "no deal just yet" theory. And that financial security is a likely condition precedent of a deal which may be in the pileline. So a rasing needed to be done in advance of a deal, at whatever price they could get. I doubt that they could find an underwriter for a broader issue to shareholders.

Market is still in "wait and see" holding pattern, with a bit of hope for a deal, and perhaps relief that we can last another 3-6 months anyway.

Maybe TZ could spin it this way, along the lines of the old "we can't supply product, but we're shipping brochres in bulk"

TZ's version:

"We don't have any deals, but we've seen an increase in our output of promises."