There is no doubt, Neil, that you are by far the most thoughtful...

There is no doubt, Neil, that you are by far the most thoughtful contributor among the bullish posters, and I commend your breadth of knowledge. I also have no doubt that you have been an astute trader/investor in this end of the market.

At the risk of appearing churlish, to claim that Norwood's EPS grew in the last financial year by 65% is a bit rich. Off the top of my head, they produced a loss of over $6 million. EPS growth ? I think you are kidding.

As you might have noticed, I am very bearish on this stock. Maybe my thinking is coloured by having bought 3 million at 3.9 and selling them at 2.9, and I accept that sour grapes might be a factor.

Nevertheless, I will continue to ask the fundamental question: if there is minimal revenue in the current quarter and little prospect of an improvement in the December quarter, how will Norwood survive ?

I would like nothing more than to bite the bullet and buy 5 million at 1.5 and sell at 2.2 to recoup my losses. And there is a chance that the stock could bounce to that extent. Maybe a party in the same industry could be placed with say 200 million shares at 1.5, guaranteeing solvency and promoting enormous confidence. But it is a very long shot. In the absence of this or a similar move, the company is spending $12,000 a day, seven days a week, and it is unlikely to survive.