Ann: Quarterly Update & Appendix 4C, page-128

Well that’s the thing. The potential of the Cisco alignment is huge which could be massive for the company and shareholders but the financials, cash conversion, growth rates, and valuation don’t stack up for me at this point in time - this is a personal thing and I can appreciate the alternative long term view also. In my view, I think there is a lot of upside already factored into the present market cap.

Finally, not sure it was discussed but the incentives and free offering probably needs a bit more digging. Why do they need to do this? Which telcos? This caught me by surprise a bit