5.2c...., page-12

tax selling ? The price has been hammered in the last 2 days, is this tax selling ?

I still think it's a buy at these levels.

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Top Twenty Holdings:
ALBY AUSTRALIA PTY LTD 39 million shares = 19%
PIPGALL PTY LTD 3.8 million shares = 2%
Approx 27 million shares held by the balance of the top twenty =13%

205 million shares (on market) less 55.8 million (top 20) =135.2 million or 66% on the open market.
All though demand is not there atm, this does make the company a target.
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Cash Position: it's very hard to say what cash they have exactly but at the end of March (end of 3rd quarter) they had just over $1 million in the bank, add to that $3 million (part of singapore deal $500k up front in May, and $2.5 million payable June 30) plus $3.5 million at the end of september (final payment for Singapore deal) and you are looking at a company with $7.5 million in cash, plus a $1 million nett profit for 2004.
Given that the current market cap is $9.8 Million, we are taking about a stock that nearly has as much cash value as share value, so if you add the assets value we're talking an NTA higher than the share price, in a company with positive cash flow

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Future Developments to come:
From the shareholder update 26-5-04.
(1) An alliance with "IPPG" on the goldcoast, to install automation to 20,000 apartments.
(2) The licensing of W Home technology to third parties in Asia & Europe, for royalties.
(3) The re-branding of X10 and homeplug products to W Home brand.
(4) A series of partnerships with major companies in relation to home computing and entertainment in the coming months.
(5) A national distribution deal with "ACA" through 22,000 outlets to be launched in July 2004.
(6) $5 million in revenue from exclusive access to Singapore network over the next 2 years.

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All of these items will help drive the price over the coming months IMHO.

Tex.