Ann: Appendix 4C and commentary - quarterly, page-17

Maybe the market is well informed re C10 and DWX and we're currently at where we should be at this stage.

There's been no sell off.

Over the past few weeks some of us have made estimates from $1.7m to $2m in revenue and I was happy to see it come in at $2m.

There's been minimal ramping, but there has been appreciation that AWS and cloud solutions is the right path to be on.

Today we got confirmation that on back of the envelope calculations that C10 has had approx 50% growth since June 2018 (based on the acquisition figures).

They have the money now to pay the April instalment of $1.5m.

Cash flow gets tight after that, but Jeff has outlined that option conversion was part of his funding strategy, as well as increasing operating cash flows.

Perhaps the sooner the options are exercised the sooner investors can relax.

Where the market isn't informed is the valuation on TSI. We have no genuine idea and really it appears to have minimal value that is reflected in MC. Perhaps that's how it should be as well, until further notice?

However, we got confirmation today that it's non core and they will review opportunities for realisation.

Maybe a re-rate would have been nice today, but it hasn't happened. Still, we got a solid update.

Chin up.