Ann: OnCard AGM Presentation 2012 , page-8

Good dialogue guys.

I too was at the AGM.

Guidance was verbally given. The MD said FY13 underlying earnings to exceed FY12. I expect $3m.

Cash at bank is really $24m. Oncard have $19.5m cash in bank ($16m in OZ, rest in china) + oncards 50% share of cash profit in Smart pass is $4.5m. This cash is staying in smart pass as when they get a license they will need to add more.

Just to clear things up ONC will need to put up roughly 50% of $30m = $15m for the license. The money will stay as a float. Its not an expense its still ONC's money.

ONC has nil debt, cash backing of 13.3c. Enterprise value is $6m. Trading on a PE of 2 x's.

ONC reminds me of when Jumbo Enter (ASX:JIN) 12 months ago was trading on a PE of 2.8. No one wanted to own it. It too had net cash yet investors where skeptical. Fast forward 12 months and JIN went from 30c to $2.

Within 12 months ONC will be a 3-5 bagger.

Other thoughts most welcome