Ann: Successful Completion of Institutional Placement, page-19

thanks for pointing out where it was

did watch the entire video and Andrew does come across as a huge fanboy....personally I did not feel he was critical enough in terms of challenging Mal on a number of issues (the dividend being one).

Mal has had 14 mths in the seat revenues, ebitda and cashflow are yet to show any significant change (and that seems like a more likely answer as to why they needed to raise funds and also why the share price is where it is.......and again not enough critical questioning on the board diluting at a 4 year low share price rather than any of the other options they were considering!!)

Perhaps I'm misjudging how these businesses work (Mal seems to be in his element here) and it all needs to be based on backlog and pipeline and building that repeat business, but I guess we will find out over the next 6 mths.

One positive was that Mal talked about pipeline, conversion to backlog, revenues, ebitda and cashflow (and relatively fixed cost base of 19m) which to me are all very positive......not at any time did he whine about share price etc.......focus on the things you control and the rest will follow (as Andrew mentioned).

I'm a little mixed now on taking up the SPP and how much.......Mal certainly came across as very positive and it seems he knows the product/s, the customers and seemingly how to build that backlog.......ah well something to contemplate before the SPP drops