Ann: Placement, page-135

To their credit they have managed to reduce back their costs. It wasn't long ago that 1m raises only lasted a few months. This is along side increases in revenues with Spark.

In their last announcement they said they'd come to shareholders for approval in issuing stock so I fully expect a special meeting to ratify past share issues. They'll have to because as you point out they run out of capacity before their next general meeting. I also expect another free shares grab for Paul if and when this meeting goes ahead.

We don't know what Paul has tried. He may have approached underwriters for a larger general raise and rights issue which was knocked back. Certainly the last one was a massive failure. You wouldn't want to risk that again. And with the markets doing what their doing a 5% fall over the duration of a rights issue is probably likely and would give the underwriter a trigger to back out again.

As Billy says, now is a horrible time to be a bad business, undercapitalised, no cash, negative assets and losing money.