I'll certainly agree that they can't do all they wish to do without funding, but funding is funding and dilution isn't the end of the world, especially if it's done at substantially higher prices. I believe that once we have UK approval and other news from the company the share price will be substantially higher. With all the shares already out there, if they had to add another hundred million to bring in well over $100 million it wouldn't be the end of the world. The key is gaining higher prices and approval will take us so far, but other things need to get going and it will take money.
If we were to take on a BP equity partner, I believe the new shares needed would have to come from the authorization of more shares. If I were the company I'd probably go for the authority to go to 3 billion to give sufficient share to bring in a 20 to 30% partnership with a BP in the future. I don't believe they'd have trouble asking for this if the share price was at $2 or more. Sure, they might do it for less, but the greatest benefit of a BP partnership is them buying new shares from the company at substantially higher prices. If they buy a lot of the shares from shareholders tindering their shares at the price the partner's offering, those shares don't bring money into the company, only newly minted shares do.
Gary
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