General discussion, page-254

Again apologies , here is my post

Hi Pinto

Yes , ....a lot of us were caught out by the expectations of deals/contracts of the past ,
and kudos to you and your research that alerted you to certain problems with AJX , ..
....for example , your warnings on GR remuneration when margins were zero , I admit
that I did not see that coming and ignored your caution .....

However just to clarify your statement above " cash in bank in the next reports " that
I assume would be referring to the March quarter 4c and not to the current Dec 4c ,..
According to your post the only reason your not fully invested is because GR is still
there ....you admit the business is great , surely they have GR on a leash and any damage
by him will be limited . Current management have restructured the business such that
costs ( including remuneration ) have been reduced and we have moved to a platform
sales ( non bespoke ) model are now resulting in margins of around 28% with a recurring
revenue base of circa $24m ....
I would imagine Petra capital would not have invested $ 12 m if they thought that
there was no substance for the capital raising ......

Anyway , all the best .......cheers