key factors to remember here

The US DOD make their contract calls around September and announce during the latter part of the year. Part of the deal for coy's to get the nod is proof they can complete (ie financial viability). The offer provides shareholders the opportunity to get some of the same terms for themselves that have been offered to GEM and now Duchess. The fact that non participating shareholders will suffer further dilution is irrelevant here - the opportunity has been made and those who do not choose to take it up will bear the consequences ie further dilution of holding. The offer DID NOT need to be made!!! The Duchess facility is sufficient IMO for the US subsidiary to get the nod. What this really means is that other shareholders CAN increase their bet and reduce the dilution of their holding if they so desire. If they do not then they have no real reason to moan and whinge - risk is part of tech specs!!!

The interesting aspect of this is that the SIngapore option holders can get in if they wish... see subsequent letter to them. Maybe this is where STK comes into the party?