Ann: Appendix 4C - quarterly, page-15

It may dip a bit but will hold itself pricewise IMO as there's no dramatic change, just not the hoped for improvement. Investors will need to show patience, amid the disappointment.


Cash receipts needed to go up from last quarter $350k .
They came in this quarter at $230k, they needed to be $400k plus to show traction.

1pg will argue for another couple of quarters to show the lag in payments , 90 days, working in their favour.
Investors will want Merchants to move towards setting up a fund to use the $30 mill cash, or say $25 mill of it as an investment vehicle, and leave say $5mill for 1pg to use and hope for the turn up in cash receipts.

I think merchants need to push for the spill to get MW and the accountant on the board, and then run the two seperate entities, fund developments and 1pg on a slow drip.