Ann: Update on CBDG Joint Venture, page-22

I agree with your summary, I think they are having trouble justifying the valuation to instos without issuing too many new shares at a greater discount, diluting existing shareholders more than is necessary and sending the wrong message to the market. They also have a cap on the amount of new shares they can offer without further shareholder approval, so it's a fine balancing act. They may have gone too soon, although the extended suspension may give them the breathing space they need to obtain CFDA approval and line all their ducks up to get the instos over the line. Also, it will be interesting to see what Masons will do - if they will add to their holdings, underwrite the CR and/or spruke the CR through their vast network. Either way, I can't see them letting this drop. I think management are building a good business and the sales will come, but only time will tell. We'll know more by the end of May either way. All imo.