Ann: Appendix 4C - quarterly, page-23

Not sure where you get your $45m valuation, I get a valuation around $20m for a SAS business with rapid growth. Verify is very exciting and I agree with Capital H that this has the potential to be as big as the combined business today in time. If this gets tracking over the next couple of months, the next quarterly is likely to show significant growth. As Warren Buffet says don't read too much into a quarterly, timing of expenses paid and contracts signed can skew the numbers massively in a three month period. Great to see the sell off though as it gives me the opportunity to add more.