Ann: AGM Presentation, page-19

Hi Plough, yes good point and also pointing to the tax losses, which will be valuable from here on out. Once you are profitable, accumulated tax losses become an asset in real terms. They have to build a cash buffer and I trust the CFO to manage costs and handle this too. If they can build to 2 years of fixed overheads +growing cash reserves, then they will have an ample buffer to cover materials costs as they grow. A strong balance sheet would be a safety mechanism; so build the profits and retain and amortize along a well managed time line.

I like to get solid at t higher investment or revenue level level before pushing growth. It is called consolidation (which you would well know) but growth is steaming at them, and it could snowball too. Growing pains would crimp any attempted dividends as they grow over the next few years. This will be a delightful problem to have but the capital light model will overcome this easier than a normal company.

Cheers and good luck at this crazy time in the markets.