Ann: Appendix 3B, page-15

I find it pretty unlikely a take over would be considered. Unless someone knows something we don't about potential or upcoming sales and contracts.

Norwood is struggling to make sales so I don't know how attractive the company is or what value you could put on the products developed. Also the CEO is a major holder. For a takeover to occur with board approval then Paul would have to be encouraged to sell his stock and options and he'd probably have to stay on as the face of the company. I can't see that happening.

A hostile takeover would be more likely, perhaps the buyer has had enough of the management and thinks a new board could do better. They'd need to appeal to holders hip pockets and offer way over the current SP to get them to sell up. And once again with Paul holding so much stock and with such passionate and loyal major holders getting to a majority would be hard.

Maybe a blindside where some larger holders pull a swifty could happen, but they'd want to be confident about the prospects of the company surviving.

QR will be interesting to compare to the cash flow forecast from the last QR. There has been precious little news of new revenues but hopefully for holders the contracts signed to date are growing more revenues than forecast. Of course that would be a turn around from prior periods.