Ann: Quarterly Activities Report and Appendix 5B June 2015, page-3

I think the difference with WPI is that they actually disclose with clarity what the outstanding amounts are and who they're to. Unlike DUO, mgmt also have their own money invested in the shell. So I doubt we'll see escalating debts to mystery creditors, qtr on qtr.

The cash position is about what i would have expected. Just a touch lower maybe.

Opening balance of $27k + $998k - $550k - $150k admin.

They could have raised more funds in the last placement and treated themselves to more 1c shares, so one would hope they plan to raise the majority of acquisition funds at a higher price, causing less dilution. Otherwise, it makes no sense to have only raised enough to get through for another qtr, maybe two.

I guess we can basically call the ev the mc now, so $4M @ 2c. Might need a rest for a while, unless there's something lined-up already.