Ann: Business Update, page-43

Hi mal85,

1, I agree that we don't know about this. I just used the available information and it somewhat surprised me. Full accounts will be interesting but they haven't highlighted transactional revenue recently. I'll have a look at your posts.

2, investing for future growth is obviously critically important. I'm not saying I disagree with how they are operating the business, only that I'd like a clearer understanding of where they are at in the quest to become cashflow positive. The recent announcement about revenue and expenses makes this somewhat difficult. I appreciate that the underlying business probably has positive OCF, but the bank balance isn't so forgiving.

3, I used the AFY quarterly. In the costs section there is a not st the bottom of the page saying how much they paid to TCH. It's a crude way of estimating but better than nothing. Let me know if you can't find it and I'll look up the exact reference when I'm at a computer.

As I said in my article, I like the company but am just waiting for a couple of things to occur before I decide whether to invest or not