8 ball
I doubt Torotrak has as many as 140. Antonov's cash burn is about £2m for 20 employees, so if Torotrak are burning £6m per year, I would guess they have about 60 staff, which I calculate as (£6m/£2m)*20 people.
140 would appear a lot to me, as you state. We often hear that the required patent protection is in place, and that production design will be performed by the tier-1's.
If Torotrak ran at Antonov's cash burn level of £2m for 2003, 2004, 2005, 2006 and 2007, they should be able to make it through to production on half their cash. If they bought back shares with the other half of the cash, they would prevent the slide in the share price and would increase the return to shareholders; for example if the company bought back half its shares with half its cash, then future dividends per share could be doubled.
Running on £2m per year does not mean that development would have to stop. Antonov have developed their 4th generation 6-speed and their more recent 3-speed automatics using the £2m per year.
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