Is it all Gloom and Doom and time to Gloat?

3p, congratulations you appear to be getting the hang of it.

If the company was worth twice what it is today, the loan note holders might be pleased to be able to obtain shares at the price of two years ago.

Instead, the same loan note holders (who have largely been in charge of the company) have seen to it that the company is worth less than HALF what it was two years ago, which is why they will not accept shares at a 1p but rather might excersise their option to bankrupt the company until they get....

whatever they want.

Because it is unlikely that anybody else in the market would want to lend money to the company purely to repay greedy non-executive directors and their mates. Remember, if the company borrowed 1.3Million to repay the notes, not a cent of that would go into the business or assist in developing new products (for which, they have rightly pointed out, they are short of cash).

This is a classic case of a classic problem - NOTHING that was said in 2003 when the existing shareholders were robbed and then hoodwinked into this merger has come true. NOTHING. Now we have yet ANOTHER shift of management, and the outgoing parties (Sibley and Booth) hold the trigger over the company.

The shareholders are absolutely SHAGGED.