$3.5m revenue + $13m cash but only $24 mkt cap, page-8

Even if Nearmap was a winner, making real money or was sold to google it is irrelevant for shareholders if the board just decides to take the winnings and roll again.

Have you ever heard a problem gambler talk about their wins. The joke is that they just take the occasional win back to the casino and keep gambling till they lose it.

The smart thing to do is to not gamble the winnings all away, to take some off the table. The dumb thing is to keep rolling until its all lost.

Ipernica should have returned half its IP winnings to its shareholders. It didn't, it gambled the lot. If it wins again it may well do the same again leaving the shareholders cold and hungry out in the casino carpark with the problem gamblers children.

bacci