Having no cash in a company that makes no cash is quite a...

Having no cash in a company that makes no cash is quite a problem. Taking a short term downward view on that company is quite prudent, however this short term downward view doesn't mean there can't also be a longer term upward view, they both can co-exist and for this company I believe do.

It is fairly clear that the investor presentations are for raising cash. The key is how will VIL management unleash this to the market and what will the SP be when they do. This all depends on how desperate they are for the cash. The smart play is to wait for the pump ups from either/both of the two plays but will this fit into their timing of requiring the cash.

I would like to know some timing on FP upper zones but I feel this will be quite some time before we know. GGP quarterly may help us here.