Ann: 2015 AGM Presentation, page-10

you could hear a pin drop here this morning. is everyone at the AGM?

for them to come out and say no cap raising needed, is very positive. it means they are seeing low churn, and they now know they have a very sustainable subscription based business.

they have a very sticky product. this is the clincher for a subscription model. as long as their acquisition costs and retention rates in the US are similar to here, they will grow - may be slow, may be quick, but they will grow.

yes US sales are disappointing so far - but remember how slow it was in Oz at the beginning. once those free memberships start hitting the paywall, look out.