afr today cashcard speculation, page-3

My personal opinion ...and it is just that ....so dyor...companies have previously paid to much for ATM networks eg (thanks to HCC for the following)

�� St George Bank: 700 ATM’s for $38 million, an average price of $54,286 per
machine;
�� Cashcard: 5,180 ATM’s for $249 million, an average price of $48,069 per machine;
�� Customers Limited: 3,300 ATM’s for $130 million, an average price of $39,394 per
machine.

By comparison ICP acquired the Transact Group for an average of $20,000 per machine

Note:(HCC qualified this as per the attached ...thanks again HCC)
�� A fewer number of ATM Site Contracts;
�� Smaller business operation;
�� Competition in the market in which Transact operates from larger competitors;
�� The inherently greater risk of a comparative small business.