Ann: Change in substantial holding, page-10

Well, having follwed the company from its original IPO in April 2017, i found their valuation of A$26m facinating as the company has never made a profit in its history and as I said we had built a similar product, without the need for an app and were using it privately amongst family and friends. Their prospectus stated that they were a going concern and they still are. The co founder stated in an interview that his target was 100m users by 2018. Their IPO valued them at A$26m and was at A$1.00 per share. So, started in 2012 and never made a profit and now having raised a total of A$13.5m including IPO, they are still losing money, hence the coment about a flawed business plan. So, now they have 5m users and have raised enough to keep them going for another year on their burn rate. It's not sour grapes on my part that they now have a valuation of A$43m I just can't see why and as this is an open forum, i put my view across. Am now awaiting their annual report to discover more about their finances.