I think what were seeing here is classic mis-management....

I think what were seeing here is classic mis-management. Basically were at the point now where we are in a catch 22 -

- Been going for years now and dilution and share count is a material issue - more dilution now and it becomes a near fait accompli the company is uninvestable;
- management have been taking healthy pay packet on the premise that the clock HAS ALWAYS been ticking and there are limits to the budget, this would have been put into focus every raise where the re-calculation of dilution is front of mind for mgt to balance with offer of shares;
- The strategy, leadership and team are crucial to the effective investment of shareholder funds to gain a ROI through product completion;
- We are at the serious pointy end now where the cash required exceeds liquidity and the mgt panicked and have no strategy for sustainable funding - why? because they haven't been able to sell the strategy to Instos or educate analyst firms like IDC;
- Beyond this juncture, if PH comments are true from September, then we have some serious funding requirements for years to come. Where will this come from? Who will agree to continue to fund management at a collective 3-5 million dollars per year when they deliver dead end management like this?

The only key scenario I see the company extracting themselves out of is a investment from a big player. Any other avenue is perilous. Unfortunately the news could be perfect on PL6 but history tells us this will not rescue our investment.