dec qtr casflows out - and positive, page-8

re: dec qtr casflows out - and hocus pocus Grant

Agree, it wont be easy to obtain damages, but I'm sure that it will be necessary to pursue FNT for them... I certainly would!!

Tebley

Your point on Director's payments is valid. It is something that should not be forgotten come AGM time.

Your other point re the reduction in working capital is, however, not very valid. Yes, revenues did go up in the the Dec qtr v Sept qtr. That does not necessarily mean that working capital should increase in relation to revenues. There could be many reasons: timing differences, deposits paid to network operators, customer security bonds, maintenance works etc etc. It's all to do with managing a telco business.

People keep forgetting that this is essentially a start-up business and prone to lumpy cashflow elements in its growth phase. The operating cashflow IS positive, and looks to becoming more healthy as time goes by. This stock is definitely for the patient.