Ann: Application for quotation of securities - HMD, page-10

Of course it’s richly valued, there’s bugger all revenue on the books. I’m not buying on current valuation, I’m buying on what the valuation will be if the deals get done. Saying this is a risky play is the most obvious statement in the world. But if it wasn’t we wouldn’t be looking at a $20M market cap. It’s not CSL. The macro is only relevant if it creates problems getting deals done or raising funds. I don’t personally think it’s a major issue for getting deals done, and if they get done the funds are there. Just my view.