Ocean Boy,Unfortunately both DOCA's are out there. What the...

Ocean Boy,

Unfortunately both DOCA's are out there. What the Administrator has said of the Pinder/Lloyds DOCA is "We have not been provided with any prospective financial information from Lloyds Solicitors and we are therefore unable to comment on the Syndicate's ability to pay the funds needed for the purposes of the Creditors' Trust and for the working capital requirements of the Company. It is in our view that there is insufficient information to allow the creditors to form and opinion on this proposal. Further, ASOF have advised they will not support this proposal and will direct the trustee for the benefit of the secured noteholders to appoint a controller. For the foregoing reasons, we are unable to recommend Lloyds Solicitors' offer" They have also indicated that they are concerned about the "conditionality of the offer", given that completion of a 45 day due diligence period is required, conversion of the secured notes into shares etc.

I suspect that this is what Banger has asked, I may have also asked the same questions as to the current financial plan, as well as more importantly those for moving forward. Up to date the Company has been funded through private equity placements, equity lines of credit and rights issues. We are all very well aware of the lack of success of the equity lines! Are they just expecting shareholders to continue to stump up for the funding?

Again agreeing with banger nothing has been shown to date to validate an ad hoc investment.