Ann: Half Year Results Investor Presentation, page-10

I’m not sure if you’re referring to me, but I wasn’t trying to provide legitimacy to anything. I was quoting a figure from the balance sheet.
If I can’t use share capital as a reasonable reflection of shareholder capital contribution then what can I use?

Calculating manually:
Value of portfolio acquired in roll up 9.1m
+ Capital raisings 2015 3.55m
+ CR 2016 5.2m
+ Con Note 2016 1.25m
+ IPO 10.8m

In addition they have had over $7m cash in govt grants since 2014.

The original point that I was trying to make is that you can’t use the amount invested in the portfolio to measure success as it ignores significant operating overheads.