Ann: Appendix 4C - quarterly, page-25

I think not malmanu - the growth in the SP has been as steady as the growth in revenue, not exponentially greater. The trajectory is positive but not overblown IMHO. For us long term holders the very pleasing thing is that now SMA is cash flow positive - it is no longer consuming cash but is generating sufficient cash to cover its operating costs and some development costs. There will be more funds available from net operating cash flows in the months ahead to fund even more development. This is only help fuel future growth at a faster rate over the next 12 months to 5 years. Just imagine where the share price will be then? Today's prices are very cheap. The only question is - how much more exposure can I afford to have to one small cap company in my portfolio.