Ultrasis - serious holders

justthemoney

You said "So, inside money is converting loan stock into ORD stock". How do you KNOW this ? I asked Gerry Malone, Tuvi Orbach, Graham Lewis, and Mike Porter but ALL have been reluctant to comment, as it would be an RNS announceable event. John Webb at Marshalls too, wouldn't comment. Tight lipped professionalism !

BUT, £344,000 was converted in May 2003, so on that basis I have today converted mine and wife's loan notes. (Capita Registrars most efficient, ta. AND according to them "many" have converted). Can't be announced til after the close of this exercise period Dec 31st 2003. Next conversion window May 2004.

If you do the maths on the placing last Dec, minus the one off redundancy figures and minus the cost of placing you'll still see the Company should survive on a purely cash flow basis. It's that more than anything which interests me. This ignores the £500,000 R & D tax credit reimbursement and the £500,000 licencing fee paid by the Bickerstaff consortium. Marshall Securities recent stump up also bodes well, providing they have no other agenda. Re point 2) above, the amount of conversion is well is excess of coupon payments.

As Warren Buffett says "where's the cash?", much of it we can now see.

cheers

cheading.