Is it all Gloom and Doom and time to Gloat?

1. Booth and Sibley becoming non-exec

The fact that they are now non-exec means that they are now simply in an advisory role to the board. I doubt that this has anything to do with the loan note issue because this is just one of the issues that the WTV board are discussing, and more importantly it's an issue that will be resolved in six months so do people think that once the loan notes are sorted they will become executive directors once more? Very unlikely. In light of this I think their movement is straightforwardly in response to the appointment of a new board member.

2. Appointment of Jim Hall

Having a Chief Technology Officer of merit on the board is a very positive move as the board/company will benefit from technical guidance. It is also very positive in that it represents a strengthening of the ties between PR Newswire and WTV - who as people know have been working closely together for some time and so I doubt it could be considered an "external" appointment of someone who does not already know and understand the WTV business model and the requirements of its clients. I am sure that he will be making positive contributions in no time at all.

3. In-line trading.
Another positive - the company is moving forward. Referring back to the Sept. '06 webcast and both goals of annual revenue growth estimates of at least 10% and profitability an in-line trading update implies that these are still on course. People referring to old "4-5% growth / bank account" chestnut should update their knowledge.

4. Convertible loan notes.
There's still no obligation on the loan note holders to exercise their conversion rights by end-May '07 or lose them - May just represents the date when WTV must honour its committment in some way. There is though the problem that if Sibley + Booth don't exercise, and the other loan note holders do, then I think that'll trigger a mandatory takeover bid.

5. Issue of options.
Not sure of the status of whether this expands the issued share capital, it doesn't look like it. Whichever it is, what's the difference between 767m or 768m shares in issue?