Ann: Pioneer and Senior Financiers to extend Standstill Agreement, page-29

Now that we have audited accounts issue behind us & given current lenders were comfortable to a longer standstill agreement, it is possible they will agree future lending equivalent to previously or possibly a larger amount if PNC can demonstrate profitable ongoing business. (update mentioned additional funding as a possibility). We are also in times when interest rates are likely heading lower.

This would put them in a far stronger negotiating position with potential purchasers. It will also be good position for purchasing debt ledgers form them if they are funding us.

I take comfort from fact that KJ & CFO still hold substantial number of shares. They won't want to do a bad deal & will know first hand PNC prospects.

If they re-list, would be good to see PNC executive buy a material amount of shares also.