Upside, page-45

let's look at the upside via the down side

The downers have been going on and on about the issuance of shares; the legacy debt; the lack of profits...

But as our old chum Einstein taught us - 'everything is relative'

• yes there have been a large number of new shares issued - there were around 400 mill - then the sheet hit the fan - then the printing press turned on to salvage the business - and now we are at about 750 million shares on issue

• so the cost of saving the business was the issuance of 350 mill shares at a low price

• so if the business is now roaring back to life - as evidenced by consistent increases in monthly revenue - you must clearly connect the issuance of shares as a cost of recovery

• therefore, if the business is now recovered to near breakeven - 2 things must also be true:
1) the cost has been successful and now done - ie no more need to print shares
2) the business should now be measured by its revenue growth forwards - not its past costs

• EN1 MC - relative to past costs and future revenue growth is ridiculous

• the downers cant keep citing old spent news to prove a point today - the business has turned around!!!
you cant accuse a 6 foot 6 man of being a midget - because when he was 4 he was tiny!!!