British national hero Winston Churchill's political career was rather chequered. He is still, in certain areas, talked of with some distain. Ask the older generation of South Wales' miners about their harsh treatment at his hands? On one occasion a cabbage was thrown at him during an unruly Valleys meeting. He picked the cabbage from the stage up and looked at it for a number of seconds and in his inimitable low grumbling voice uttered the priceless words:

"someone appears to have lost his head'.

Wading through the cabbages on this board has become a fatiguing, uninspiring trudge. The reason for this boards irrational behaviour is FEAR, fear of the unknown. Get a grip! I have on several occasions capsized in calm conditions because the dinghy became unbalanced as someone moves around in an uncoordinated way. So could you all please sit down while I rearrange the balance of logic in this vessel.

Raising capital is a fundamental necessity of any business, particularly one without revenue. It is not a dirty trick by management to disadvantage existing shareholders. Our board of directors consists of members with deep experience of the IC business, who having run commercial companies in the industry can use their business experience to support our CEO and Chairman, who themselves possess exceptional relevant and up to date technical IC manufacturing skills. Why should such competency bow to the armchair directors of this board?

Management together have formed a plan for PTK who we know is approaching an 'inflection point' i.e. something is about to change. Why this board should think this change is for the worse is unfathomable. Given good progress and what previously was said to be sufficient capital at a given burn, a need for a sudden injection of capital could be to take advantage of an opportunity that has suddenly arisen, let alone an inevitable necessity to attract institutional investors, such as would arise after a briefing tour of such investors in Europe and North America

We are all simply guessing what change is about to occur, wait and the truth will soon be revealed, I would say though that its logical, given the competence on display in our management teamthat I should wait and ignore the majority view here, where many seem ready to commit financial suicide by selling too early, when there are clear sensible reasons why management would deem raising capital as necessary at this point to act and with the probability that doing so is for the overall good of the shareholders they serve.

Lets run a few such scenarios.

1. The structural makeup of PTI's investors lacks the institutional investor necessary to get the message across. To attract them the solution mentioned by PC at the CIC is being invoked.
2. The POET product is to be aimed at many market verticals. One market screaming for change and growing rapidly that could be immediately serviced by the POET detector lies in the medical industry and is already addressed by Denselight. It is the need for Glucose level monitoring for diabetic patients by using light to monitor level rather than pricking ones finger as I have to every morning as a Type 2 diabetic. The demand is huge, an immediate need would be filled in an ever growing market. Oh! We have the most sensitive detector and we have just hired a former CEO of a med based company who has a supply network and the right contacts. How much would such an opportunity cost? How would PTI raise the funds to take the opportunity.
3. (speculation warning) The fruit company has had a year to develop PET based products, have possibly already issued a number of related patents recently and now wants to take that 10% stake in PTK once rumoured. How do we provide the shares? - SHELF perhapsI
4. The recent deal with Singapore development requires a similar stake from POET to set up the centre of excellence.

I'm backing my own logic. Please pick your cabbages up and put them back where they belong.

sula