Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-16

yes, it appears the prospect of a Fuji deal not priced in the SP.

they never should have been bullish in their announcements on Fuji prospects and shouldn't have had the expiry of the 2 year Fuji agreement coinciding with the need for more cash via CR. Even if there is some equity proposal on the table from Fuji. on the surface it appears to have been a poor negotiation strategy in the part of BCT - even if all of the direct dialogue with Fuji gave them assurances ! the Labcon experience was no doubt difficult and should have taught them lessons.

if Fuji are playing hard ball and asking BCT to cut margins on the deal, i hope BCT are holding ground and the current change in language in the announcements and the small CRs are part of this equation. All speculation on my part.

i remain optimistic they are working on the deal. hopefully positive news soon!