morgans coverage, page-6

Hi Kfann

I have just noticed you posting and link to the Morgan's report. I found it very interesting and it added a little more to my knowledge of the plans for the US (I presume that Ivor Ries has 'chatted with NEA to obtain that greater level of detail).

The company has come a long way since I established almost all my holding about 18 months ago. I agree with the view that potentially NEA offers a lot more than Freelancer (although I'm sure that Freelancer will do very well). There is probably more risk with NEA in that it is in the early stages of establishing and putting its model into place. Freelancer has a well established business model and a strong position in the global market. However, at least for the moment, its shares seem fully priced.

If NEA can continue to refine its product offering; build its market its Australia; and successfully establish an initial market in the US, then we will really see something. The market will then have a lot more confidence than NEA has a dynamic and viable ongoing business model with the capacity to extend its operations throughout the US (and ultimately to other o/s markets).

I have held all of my initial acquisition; added a little and intend hanging on for the ride!

BK

PS: I am flying to Sydney in the morning to attend the meeting. Silver grey hair (not as much as I had once) and not as young as I was once ...