7c soon, page-398

There is absolutely no chance Tranche E won't get taken up.

Let's be realistic on our current situation.

Apart from the balance of set up fees owed by PGASCOM and due in December on launch, we will not see actual subscription revenue dollars from either Brazil or Indo until February or March at the earliest!

Min sub numbers are also currently based on 250k subscribers paying a monthly fee by the end of the first year!

The harsh reality is the first few months of revenue could be quite poor!

Will we require more money before being cash positive?
I believe we will unless Smartfren's premium subscriptions are high.

That is tbe only guarantee of cash I feel we can depend on by March, unfortunately I can't find figures through my research as to how many premium subscribers they currently have.
A fair guesstimate would be a minimum of 5% of their current customers are paying for the premium service.

Based on a 15 mil customer base that would indicate 750k subs!.

If we are clearing 50c per sub per month on the above figures we are laughing.

All IMO guys, I would be interested in hearing the opinions of others.

MMM