Ann: Appendix 4C - Quarterly-RGS.AX, page-6

I think all your points were well made until the last paragraph prorata.

The RGS SP over the past year has well and truly outperformed your buy sentiment on that other stock in the same game, MSB, whose SP has fallen by 40% over the past year. This compares to RGS whose SP is actually up on the rolling year. MSB is burning cash at a rediculous rate.

The reason why the SP is up for RGS is that it is still bringing in receipts....1.4mill actually for the year to date, as well as what seems to be a real deal ready to come to fruition with an exciting product.
There is still 2mill left in the kitty, another 2mill from the proposed loan and then 500k in receipts on average per qtr. That's how I read it, so more than enough to see the coy through for the next year or so without even having a licencing deal signed off on. That's how I see it anyway.