Ann: SFG HSBC New Banking Arrangements, page-45

This discussion about some sort of pre-PSD equity raising is a bit premature in my opinion. The company has raised considerable funds just a few months ago, and this along with potential short term debt funding via the Chairman if necessary will surely be sufficient prior to the major cap raising and NAIF funding, IMO.

I believe that the company is proceeding with its negotiations with a number of groups via Lazard to complete the major funding, and certainly during this period the company will not want to destabilise the share price too much whilst this is underway. Since the Chairman certainly will be mindful for the potential for excessive dilution in the event that funds are raised too cheaply it is in his best interest to consider another short term loan as he has done a number of times in past years, to ensure that pricing is relatively stable.

The share price weakness is more likely the result of no news from the company, which is the downside to it not having to report on a regular basis like most companies its size. It would be nice to be updated occasionally (Hint!!!).

Regardless, I am of the opinion that 1 fine day we will awaken to THE announcement that will make people realise they shouldn't have sold, and instead should have loaded up! IMO of course. Ever since the grant of the ILUA have been buoyed by that thought.

As for talk about Ridleys and NOVAQ, yes it might be another provider of an increase in yield, but actually SFG has demonstrated by its considerable research into genomes etc and smarter field operations that it can achieve vastly improved yields regardless.