hamburg airshow, page-4

Snapper

It matters little to me if anyone listens. I don't mind spreading my thoughts, hopes, expectations as I feel the company is a star performer. It is entirely up to others to form their own judgments. I, and at least 100 others are true believers and together we effectively own almost all that is available of the company. The several thousand others who are small holders are generally less sure, with noted exceptions and so more likely to yield their holdings for a pittance.

MM

The capping is inexorable and has been apparent for at least 18 months. Put yourself in various shoes and play out the tasks you would engage in to achieve desired outcomes that all entail making money. The various shoes to include large private holders wanting more cheap stock (we have seen a few of these playing games over the last several months), large corporate holders, white knights acting for the company, those potential entities acting against the company that may include DKR (not saying they are), the underwriter. Now, some may be active and some not but imagine how they would act to achieve their aims. We know at least some of these entities exist because they react to certain triggers, expend time and money on achieving aims and appear very poor at selling shares since they always seem to end up with at least as many. DKR has sold half its holdings but is not obviously exchanging at present. They have to convert by next month. Canny buyers are going to want to pay as little as possible. Until the DKR issue is settled we will see more such games. Of course the DKR holding may be kept for IPO so stays with us for the medium term. So many scenarios to attempt to understand and so little certainty except that Intevia works and will spread far and wide.