Ann: Change in substantial holding - J.P.Morgan , page-7

re: Ann: Change in substantial holding - J.P.... There is no doubt that the TimeOne funding is hugely at risk, otherwise we would not be where we are. I take the recent director buying with a grain of salt, perhaps more about shoring up confidence than anything.

The management have made a complete meal of the last 6 months and perhaps have shown some inexperience.

To me the project is at serious risk...I hope it all falls in place but recent events would dictate otherwise at this stage...the deposit itself still has worth, it comes down to what worth will be delivered to s/holders (i.e. Mums and Dads)