Ann: Appendix 4C Quarterly Cashflow and commentary, page-42

@bc2 its 1.149bn fully diluted shares @26c = $298M mkt cap fully diluted

the challenge around valuation is that the earnings arent actually occurring yet - and then the difference between assuming minimum contract amounts vs total contrct potential

and then an LoI is likely to be largely ignored - simply because its a toothless document

generally a letter of intents value is strictly for marketing purposes

though it can add weight to a later court case in contractual disputes around intent and understanding. but it generally has no power in terms of enforcing sales

So market is left to calculate a valuation from $22.7m over 3 yrs (include the 600k thats moved above minimum) vs a possibility of up to $~70mover rolling longer term 3 yr spread

and about $1-1.5m in non ohm annual revs

So its ~$8.5m pa from 1q 2018 on rolling 12 months basis minimum

puts it on 35x price to sales ratio on its 'guranteed' income - which is getting up there

but its v cheap(single digit p/s ratio) if it hits $70m in annualised 3 yr income


big shout out to BUD IR and MD for reading our HC talks and addressing them in the quarterly

that flow of info to clarify and confirm exactly reflects the discussions we had - even down to wbt holding

very kind of them to treat those discussions on the merit they deserved