Ann: Appendix 4C - quarterly, page-3

Your comments in the first half were around your hope that they would be cash flow positive by 30 June. And here we are and there we are not.

With such a small percentage of agents turn over the business model requires substantial commission income from agents to pay all outgoing sand then leave a profit for stakeholders. Not saying it won't happen but not for a while.

No way this justifies a $17m market cap on current earnings but maybe in 12 months it might.

Don't like the recent acquisition and still no news of completing the Top level transaction.

Conditions precedent not nearly met and still hearing the deal is off from the market whispers so if these ex McGrath guys walk then Ausnet is worthless in my view.

Selling in the options is a sign that someone lost patience. And then a new buyer picked some up this morning so swings and roundabouts. But the options are mostly held by the seed investors from ipo so if more selling appears in the options I would say the market is being told the deal is off.

I like the story here but not at this price. Ipo price of 2c so a few guys wanting out could see this quickly fall through that support level and lose 50% in a day. So I'll watch for the time being.

10x