Ann: Change in substantial holding , page-16

Let me help here...

- Current mkt cap of c. $25m
- NIL DEBT (due to sale of USA Online Business - net proceeds USD $5.8M)
- Underlying NPBT of $2.44m (up 170% YoY)
- EBITDA of $5.7m (up $4.5m YoY)
- High level of Director Shareholding (and increasing)
- Beginning to self-promote via Investor Presentations (21/09/12)
- Successfully embeded Odyssey acqusition (June 2011). The acqusition is targeted to be fully paid of this current financial year!
- Victorian Poker Machine law liberalisation opens the Victorian market to this company which is primarily in NSW/QLD Pokies
- Exclusive distribution agreement with WMS Inc ($1.4B US Mkt Cap company - so small T/O possibility here)

Current PE of 10x

Also note that they say (in the sale of USA Online Business ann - "Given the significant impact to cash flow which will allow for continued investment in our core businesses, the eBet Board will undertake a review of
the Company’s capital management options and expects to provide an update in the company’s 1H FY2013 results in February."

The other thing I want to point out is that the sale of eBet Online Inc was on 6 x FY12 EBITDA multiple. If we take a crude approach & extrapolate that on the $5.7m EBITDA that EBT achieved in FY12, we get a value of $34.2m (c. $2.30 per share).

I am expecting a ripper 1H profit announcement in a couple of weeks & also the announcement of a maiden dividend.

Remember, post consolidation there are only 15m shares on issue... yes only 15,324,047 shares on issue!