capital raising, page-21

Capital raising was in my view always likely without any deal providing significant up front payment, given increasing costs to respond/close increasing opportunities and the revenue flow from expected deals would not reach significant levels until 2015 and potentially leave a risk of lack of funding coverage in late 2014/2015.

Company has taken the opportunity to remove this funding window risk, leveraging current share price and also raise additional capital to speed progress on new deals and technology fronts.

Could also be a major player that wants in, but unlikely in my opinion.

Cheers

TC