agm note, page-7

re: agm note - california gold The lucrative Californian contracts, which seem from all accounts to be locked in for this month, will cap off a remarkable year for Redflex. Not only have they doubled their installations, their sales have increased by more than 100%, so that their on-order backlog has actually risen. This means that they will be in a position of clear market leadership in the US, in terms of firm contracts.

If we also factor in the likely consequence of the collapse of Poltech, in looking at the local market, Paul100's careful forecasts of revenue start to look decidedly conservative.

He is right to be worried about the possibility of an aggressive, and unwanted, takeover. There has already been quite a bit of speculation on US investment forums, which has surely had its origins in contacts with well-placed people, linked to US competitors. I hope they hold off until we have a chance of extracting something like full value.