Ann: Voluntary Suspension, page-433

Whether you're on the positive or negative side of this debate, the following is very clear:

1. The idea is compelling, has many applications and overall great potential.

2. At present, the company has no earnings. It's present valuation at 200 million is purely speculative.

3. Initial holders have long since sold out of the business.

4. The voluntary suspension to delay a week, followed a TH which in itself represented a delay of over a month on the expectation clearly set by management for delivery of results.

Two things are clear...

1. Given the speculative valuation, and management's language around these results, they are absolutely critical to the SP, which means...

2. IF trading resumes (i.e. they don't extend the VS), no matter what the result, we'll see a big SP shift.

Personally, the fact that many initial holders have sold out of the business, prior to what was purported to be the biggest windfall (results/FDA) was cause enough for caution (hence my holding is relatively small). However, following management's consistent failure to meet expectations on delivery dates and with a zero cash flow valuation of 200 million, I'm less certain that even my small exposure is worth the risk.

Time will tell...