Ann: Annual Report, page-10

My point was that M&A activity may not have happened due to concentration of the registry, not that there would be no interest on the M&A side or that it would not be a useful acquisition.

There would have to be a strong case for someone like powerwrap to merge with XPL. Both rather ordinary individually, however with consolidated revenue and single cost base, it could generate cash.

I agree with your sentiments re the precariousness.....that may well be the catalyst for some M&A action.

Just my thoughts and speculation as an observer.