t/h, page-11

The kind of announcement that irritates the hell out of me.

They raise all this cash, diluting the buggery out of everyone, and give no indication of who are the new major shareholders.

Its an important issue. If the shortfall went to one or two large holders (Deutsche, Creat etc), it would raise hopes of a takeover. If they actually distributed the shares widely between a wide range of new shareholders, the takeover scenario just got more complicated; which is good for continuity of management paychecks but probably not so good for shareholders. Given the overhang of options, without a takeover, plus 10 cents seems a long way off.

They even give a wink-wink-nudge-nudge by saying some of the cash is from converted options. Translation: people are so keen to buy shares they are converting their options already. What BS, unless actual numbers are given. The announced conversions, thus far, have been miniscule.

Until they ramp-up, even with this big injection of cash, we are only buying time and keeping management's paychecks flowing. (on this, a dominant shareholder would be good to address this issue).