Ann: Appendix 4C - quarterly, page-47

Could well go there, its still a $100m market cap company. Sub 4c may not necessarily be cheap because of all the dilution past and also potentially in future.

A razor thin capital intensive business is best established by an existing large company with internal capital generation to fund its expansion, not a small cap stock dependent on capital raises to grow.

A red flag for me is any company that does a raise that is too heavily discounted and there was a raise in the past that I thought was way too cheaply priced and that got me thinking: What's the cost of all this? Has it been fully priced in?