Although the 4C is disappointing, due to the higher cash burn...

Although the 4C is disappointing, due to the higher cash burn than had previously been clearly stated (i.e., cash through to 2020), the situation of Linius is not fundamentally changed by the 4C. It needs to implement one or two large deals unambiguously accepted by the market as "transformative" and get more money from the options conversion at the end of November or a capital raising. This would appear to be why the directors stumped up their cash.

If it executes the deal or deals all should be well and good. If it fails to do so it is in a pickle.

This is the test for Chris Richardson and the other two directors. They have all to play for (as do we).