Q2 onwards, page-97

two other things need to be considered when you do the comparison. EN1 continues to release new shares in millions and also has a proposal to print another 100 million shares. Don’t get me wrong, they need this to keep the business going and I am voting ‘ Yes’ for the proposal. However this creates pressure on sp. Unless these shares find a ‘home’ (meaning investors not DTs), the sp is not going anywhere. Ted has indicated securing a line of credit to replace CNs, hopefully he will do it sooner than later. I would accept lower margins, say 20% than current 40% if it prevents share dilution

cheers