I think you make fair points - the downward revision in the...

I think you make fair points - the downward revision in the accounts was quite disappointing, and an impartial holder should be able to realise and accept that. Although as someone else points out, initial trading won't be reflective of fundamentals - be it good, or bad.

On the contrary though, an impartial non-holder should also be able to recognise the opportunities for growth - if executed correctly - when a company has sizeable funds at their disposal.

Will things get worse before they get better? They could - after all, a big increase in salaries this year will only add pressure to margins. However, thereafter, with production set to more than triple, someone with a sound understanding of accounts like yourself should be able to recognise that economies of scale could play a part in turning that around.

Now why do I emphasise 'could'? Because this is still very much a speculative stock, and was priced as one for those who took part.