agm today at 11.00am, page-7

Thought I would just a couple more comments on reflection.

Ian talks a good story, and I expect does very well in the "C suite" sales process. Key question is whether he has the bandwidth (i.e. time) to land the big fish, and then does the business have the financial and operating capacity to convert. He was confident regarding financial capacity given the way deals are structured, but history doesn't necessarily provide confidence in this regard, and UWS was disappointing re operating delivery.

In relation to the note, it is hard to see a secure enough contract (i.e. absolutely certain cash flow) being established that would give a bank (or similar) enough comfort to put up the money to pay off the note.

However, I expect Ian to have the sales ability to convince others to back the INT story (if they haven't had exposure to any of the baggage), but still likely to be at a haircut to the current price.