Ann: Appendix 4C - quarterly-IWG.AX, page-11

time is not on their side, even if they do have a great product offering. They need more cash fast to keep the doors open and they need some wins quick. Also, it is unclear how all the margins are being split amongst the various distribution arrangements, which makes it hard to see where the net return per customer is for IWG. I hope they can get some traction quickly otherwise i think this latest funding structure might drive the shareprice down as the funder recycles stock to get their return regardless of the success of the underlying business. I think others are seeing this evolve as well and hence we are seeing little support from buyers. Surprising also not to see any of the early management and founders top up at these levels.