Ann: Successful completion of $2.5 million placement, page-18

Jassels...this is largely gut feel, based on my discussions with management, sense of the industry, their strategy, client quality and longevity etc rather than analysis of hard numbers. I would suggest that we should see 12c in a year and probably 20c within 2. These guys aren't here to play games, they want to turbo charge it, but as we've already observed, do it sensibly and not grow it too quickly or ambitiously. That's why my numbers are exciting but not nose-bleed. But I would add that it wouldn't take much for it to WAY exceed these numbers.