Ann: Appendix 3Y - G Rezos, page-51

I also share some of the doubts being expressed about the benefit of the NASDAQ listing. Operationally it makes sense – a company with US staff and headquartered at the centre of its products’ current primary markets should benefit from a US securities profile. And I doubt that those operations would be appreciably affected by entering the NASDAQ board.

Listing in a technology-based market that historically maintains a higher P/E and a premium for growth should be a positive contributor to the share price. The Petra analyst seemed to think so. Increased access to growth capital would be another. With no intended initial share issuance it is difficult to know what proportion of AJX shares are likely to be tied up in ADR bundles. If the share price is to be determined by US participants it very well may result in the tale wagging the dog.

I suspect that a major driver for listing has been the stated strategy of positioning the company for eventual sale, which would be aided by the enhanced profile. But for its long-term shareholders there still may be more merit in the Company avoiding unnecessary distractions at this stage and just concentrating on optimising value in its current very high organic growth phase.