Ann: $12m Placement Secured and $3m Priority Offer Underwritten, page-96

They had nta of 20k pounds when listing on the ASX and the following questions must be considered honesty to justify either holding or buying....What tangible asset growth has the company had. What can possibly be used as security against a loan? The only possibility for mine is a convertible note which practically always spirals the share price further and further down with an ever reducing conversion price. The reward for their risk is that nobody can ever get in beneath them. Having said that, the directors finally putting their own capital at risk is a huge positive imho.

These are tough lessons and an internally honest reflection of the course of events and how each of you traded them will make you all better traders into the future. Family and personal health are far more important guys....SAS, no clue but you all have the ability to bounce back from here. All the best!