Ann: Investor Presentation FY 2011 Results , page-10

Ivanovich,

That is a good summary, although I think I have to disagree on the MAQ comparison.

MAQ at $1.00 was a $20m market cap company with cash equal to its market cap and generating 10m cash each 6 months without much capital expenditure, and no debt.

Currently MAQ is valued at 170m, has 54m cash and generates about 40m cash per year.

VOC currently is valued at 120m, has net Debt of 15m, and generated 11m cash in the last year.

When I started buying MAQ every time I purchased it i kept thinking "god this is cheap", whereas with VOC everytime I look at it i think "this is expensive". I still own it, but it just doesn't feel cheap enough yet.

The future growth prospects may be strong, but I think the price will probably stagnate until they prove to the market that they can increase revenue. Their H1 revenue was 14m and their FY revenue was 31m...

Does anyone have a prediction for what the HY revenue will be? At the current run rate it might be 17m...

Management probably need to comunicate more about the revenue and expense profile for next year.

What do you see the revenue g