INVESTOR UPDATE JUNE 2020, page-82

Thanks Pioupiou, I always value your insights. I completely agree that it is far better to follow EPS than just NPAT where it is positive.

However, I am not as concerned as you are about the issuing of new shares in NEA's case, particularly over the last five years starting FY16. My reason for this is that NEA has had to fund its North American operation. The percentage increase in new shares issued from FY16 to FY19 inclusive is 26.1% using your data. If there was nothing to show from the new issues, I would agree with you, but we do have the extremely valuable and rapidly growing NA operation, which is already has ACV of around $40M and is within 2 years of becoming cash flow positive.

Also, it is not such a bad thing to have employees get share options, as it is likely to generate more commitment and loyalty to NEA.

Not sure if the size of the Annual Report is a big issue. In these days of NBN and cheap 4TB external drives, I think 17MB is manageable.