Another factor to consider is that Jonathan is excessively optimistic, and history reveals that the NHS system is almost always slower to conclude programs than originally anticipated.
It would not be unprecedented if the Doncaster program was delayed some months, and MDFY revenue postponed. That could cause some shareholder frustration, but not change the ultimate value of the business. Mazuma Funding could be selling.
It would not then be prudent to proceed with the Frankurt issue until 2007, which is essentially a stock split and does not add any intrinsic value above the additional European investors' participation. Fortunately, MDFY overhead is minimal, and delays can be bridged with modest funds.
The management credibility is severely damaged, and we must be prepared for possible revisions of the September update. Jonathan must strive to be realistic; we must be careful to avoid unrealistic expectations and be patient for revenue.
Truth can be hidden, and deception abounds. The future is uncertain.
