Ann: Half Yearly Report and Accounts, page-18

Wow what a spectacular day!! As predicted, investors are angry (especially the ones who bought off Tom and Liddy selldown). The register will need to cleanse itself now from all the angry and short term investors that bought in between $1.80 to $2.25. This may take 2-3 months. Then we just churn for another 6-12 months until FY19 earnings take shape. There are some catalysts next 1-6 months which may accelerate the churn: 1. Bolt on acquisitions. Similar to PreSend size which EML can acquire from cash balance. All accretive. There is also some bigger ones out there in the $10M+ EBITDA range that may eventually fall through the rigorous due diligence of Tom, Eric and Bruce. My understanding is a few have already fallen thru as didn't meet the strict criteria. A big positive! 2. ECE German mall LOI deal approved before June in order to go ahead with an August launch. If so, brokers expect $4m EBITDA in FY19 and $6.5M ebitda in FY20. This is huge!! 3. Additional European mall deals. Regulations stipulate all paper based gift vouchers programs must cease by Dec 2018. Expect several deals here during calendar 2018. Can be very material but not as sexy. 4. Six European gaming deals. The more the better and the quicker the better. The World Cup in June this year is a bit of a thorn in our bottoms!! (Go Brazil) 5. Caesars left field launch! Tom won't mention the dirty word "Caesars" anymore until it is live, but my scuttlebutt confirms merchant on boarding is at full speed....... watch out for this one! 50 million cards spending $1.5 billion...... juicy. 6. Finally any other reloadable or B2B deals from the newly appointed and highly experienced 4 industry BDMs in the US. Consensus will now pull back to around $21M ebitda this year which should grow to $28-$30m ebitda next year. Upside is acquisitions and further European mall deals which bring earnings very quickly. I'm still highly confident that all of the above will come together and still forecasting a $50M+ ebitda in 2020 and a share price north of $5 then...... good luck fellow inmates!