Ann: Change of Director's Interest Notice , page-15

hi back,

this has to be quick and dirty as I am traveling at the moment - I will do my best.

I didn't do refly times - what I did was to assume licence renewal and assume the same times as the deals were done.

I thought this was fair as any dropouts from renewal (i suspect there won't be many at all in govt.) - would be recovered with new sales - either
from pipeline or uncontacted as of present.

As far as I know the refly cost is not an issue and is well covered.

If you read again my models you will see how I did the overhead costs.

The cost of sales I reported yesterday - I apologise, I stuffed up - what I actually did was give away 50% - in BOTH models to a european partner - that 'should' cover it - well it would if I was negotiating :)

I do NOT share your fears on role again - this is what I believe.

Directors do want dividends - they WANT a constant stream (I love them) -
As far as I know there is no official dividend policy - but I reckon there will be within 1 or 2 years.

Assertion payouts will be sporatic as before - probably come as a special or similar.

I would not fuss too much about them going for more risk - they well may but it is a different game now - they want paydays for sure before taking more risk with acquisition - that is my feeling.

ie. I am pretty sure they want to pocket some of the winnings but on a constants stream basis - no promise, but I am sure enough to be designing my future around it.


ok - I have to go and i am doing this on an ipad so I can't spellcheck or see if it makes sense - I hope it does.

talk to you later - hang in back - hang in, things are good.

pinto