Sarantel

Pauly

You probably already know this but the cash outflow before financing from the finals, year end Sep was 5.7m. This though will increase in the interims to Mar 2006, as they are continuing to manufacture and build-up stocks for the delayed order but could unwind in the 2nd half if the order materialises but maybe offset from orders elsewhere.

Would be interested to know why you took such a big stake, I had a look and thought it was too risky. While the stock build up reflects confidence the order will eventually come through, it can't be taken for granted.