FWIW, I don`t believe the authorization of additional shares will happen this time around. I`ve been asking dilution type questions of Putnam for the past several months now and my opinion it will not happen in this proxy statement. The company will get by with their current means until they are able to land some significant contracts / revenues. It`s more likely that they will approach the shareholders with either a reverse split or the authorization of additional shares from a position of strength rather than one of weakness. I think that in either case it accomplishes the objective of creating an equity cushion which we are currently in need of. In both cases it requires a vote of the shareholders. I doubt that it will come in the form of a reverse split and I doubt that it will happen in conjunction with this years annual meeting. But I do think it will happen, probably by next years annual meeting and likely in conjunction with much better earnings.

Larry