Ann: Financing Update $10.8m Entitlement Issue and $5m Placement, page-123

Well, we'll see at the GM (or sooner) if they pledge to kick in $4.8m or not. If every holder needs to take up 100% to make the target then that includes them, does it not? They are the biggest holders so they need to find big bucks for this to fly.

You may be right that there isn't a hope in hell that they won't kick in. But seeing the way this is set up, it can't succeed unless they do being they are the largest holders. So I reckon at this stage they must be thinking they will be finding their share of the money.

Maybe their hope is that they kick in 100%, the other holders add up to 50% and then the institutions do the remaining (would be about 50% of the total, or $8m, by my back of the envelop calculations). I don't think the directors have much choice. The continued life of this enterprise rests entirely on their shoulders with the raise structured this way and the market sentiment what it is. As it's so obvious to us and anyone else who looked for half a second, then it must be equally obvious to them.

My guess is they spend the next month trying to find every penny they can borrow from banks, family, friends, whatever. And also hitting up the SI/Institutions they have in the conversation to keep them warm. And then deciding whether they will plunge on the day before the GM. That's my guess, for what it's worth, on what's going on. Will it survive? Doubtful. But then this is their baby so maybe they are willing to go completely to the mattresses over this. We'll see.