Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

Hi lloydray,
clause 8.8.2 explicitly says they will raise capital .
I see no reason why any raising would be done at greater than the present share price.
Every other one has been at a discount.
Ruane has been at pains to keep his shareholding below 50 percent , a compulsory takeover offer triggered at that level?
They need 900 K , raising less than 3 quarters worth of basic expenses a little pointless, if he needs to put in a large percentage of that , the 50 percent level looms.


The recent loan ( the 261k ) ,was for Beyondie ?
I note that the Ruane loans can all be called 12 months after the annual report.
If he were to call in the loan , rwd doesn't survive as a public company.
He has been very generous and is to be commended for that generosity.
Someone not quite so nice , would be taking this private.
If my projected 900 K dollar raise falls thru, privatisation would seem the logical next step.
cheers