Ann: Investor Update - March 2013 , page-14

Agree, would be good to see cash flow positive sooner rather than later. Once Indonesia becomes cash flow positive, Singapore will be the only drain, which I hope they can rectify in some way. I don't see Singapore as a big money maker, just an important piece in the South East Asia puzzle.

ICQ is very overvalued, will take them many years to ramp up cash flows, Grove obviously knew this (especially after some poor pre-IPO forecasting) and was happy to rely on CarSales to fund the next phase. Mrk cap is also all over the shop across different formats, Etrade = $42m, Google = $66m, HotCopper = $82m.