Ann: Prospectus, page-128

Actually I have more confidence in Xped since the bookbuild the reason is it is very , very hard to raise funds or attract interest in a startup at the moment from institutions . We are hearing of start up after start up not entering the market for they will be smashed on an IPO where you still need institutions to invest . Admittedly Xped has used Raya as a vehicle to enter the market and have expertise from Raya who know how the process works, but this only works short term , sooner rather than later the fundamentals have to present themselves . Institutions at the moment are very tight very skeptical and very paranoid, speak to any and many will tell you they are on a recruiting freeze and have been told to raise their risk awareness , in my opinion after talking to a banking investor last June it was a further 20% risk factored in all business, the worst of business models receive no financial backing at all.
Most institutions are aware of the American stock market being overvalued and companies who have used cheap credit to finance share buy backs including some of the darlings in silicon valley to maintain the SP price thus preserving their bonuses , these actions have undermined the financial integrity of the market and as its pulling back there is less money around. So why would they invest in Xped at all if they are jumping at shadows. It can only be they have conducted their own research after the roadshow.
The bookbuild as it stands now has validated the fundamentals .
Goodluck