Ann: $60m Funding Package to Drive Black Cats Vision, page-36

With such a large stake it's a virtual take-over. They only need another 10% for full control and they can accumulate that quite easily - and legally - over the next couple of years......or there might even be another company located in room 303 that already has a nice sub 5% stake that has been accumulated in the recent price collapse. Either way there will be no takeover-premium and no-one other than this group/entity will be taking over the company.......With a 40% stake will they really just sit back as a passive investor, when the benefits could be significantly greater if they gain control?????......If more capital is needed when they have control, small shareholders can just be diluted into oblivion.

In the absence of more information - and not saying this is fact, just a big risk that wasn't there before - this is enough to convince me not to go back in at this stage.