Ann: Proposed Cash Placing, page-18

I am not wishing the worst but it is exceptionally rare for the 1st date (27th) to be missed. The wording 'on or about' is used regularly on IPO's and the 1st date usually turns out to be the listing date barring 'issues'

I have already pointed to the fact that potential investors are being enticed by 1 for 2 warrants that have no premium, that in itself is a sign of some weakness about the Placing.

I feel there may be a poor response from the intended fund-raise, further I have not seen Hannam & Partners used as a listing broker on AIM before, they sure as heck do not seem to have a high private investor circle, it is these types that often fill a Capital Raise.

Until news is released I remain wary, note that Stratex are owed £1m by CAS, my understanding this loan is secured on some, or all, of Crusader's assets.

Sorry to elaborate but I am very keen to see the response that Crusader has in London.