take over target, page-32

re: new license in nsw and vic Yes an 8% return to the company, but not to you. TOX do not (at least yet) return dividends.

There are always risks that new licenses will be issued. As mentioned they are hard to attain, however, I'm sure any government would comprehend that a monopoly of services is usually not a good thing.

The premise however is that the waste market is a growing one and therefore there is great growth potential for TOX regardless of other licenses issued.

Cheers