Ann: Quarterly Activity Report and Appendix 4C, page-26

Thanks for these thoughts MB - it’s appreciated as I am feeling glum

Fortunately i have not had to sell and I could buy back.

I looked at this company for a whole day when the sp dropped low in the 20c range. The thing that kept me in it was the re-dom and the remaining liquidity runway.

As I saw it directors would do a small CR and depart for the NASDAQ.

I felt sure any dilution would be made up by the new investors in the US pushing the price updates

But it seems they have mucked it all up. (Kinga?) They have had over half a year to get it done.

Just 3 months now until cold stony broke if they can’t find money.

Break up value is less than market cap.

Just getting a CR away will be tough in the remaining time given there has to be approvals and a time for holders to consider.

GV has sold shares and may already have given up. Perhaps he will retire as he is not a young man.

It’s all a bit dicy and a bit touch and go. I think that in say 4 weeks time the sp will be further down if no firm plan to raise money has been announced.

How do you see it going MB? Do you think they have another IDG in their back pocket?