Ann: 2016 Financial Report, page-31

G'day Prickly, took me a little while to read and absorb the report..... not an accountant.
The size of the loss caught my attention initially however IMO, the clean the decks approach is the right thing to do. I would hate to see good sales over the next 8 or 9 months eroded by write downs, just when profit numbers will be important for the SP.

Interesting to note SN is largest holder of shares - gives me confidence that serious effort will be put into success when you have that much skin riding on the outcomes.

I'm pleased now that the reduction in staff levels was undertaken, along with the dumping of parts of the business to streamline the effort in the marketplace.

Personally, it's good to see the end of the SK and friends issue. It cost big time, but in the end, my opinion is that it needed to be done.

The share and options position looks to me to be OK as a speculative venture early in it's development (NOTE: this is an opinion!!)

Overall position (end Dec):
Cash $7 mill (previously disclosed)
Write off $15 mill
Financial Assets vs Financial Liabilities $7.4 mill vs $1.7 mill - that's a tick
Strong Total Asset base at $18.3 mill vs very low Total Liabilities at $0.5 mill.
Good to see virtually no loan encumbrance.

cheers.