Hi Fitza, In the interest of full open disclosure, my position...

Hi Fitza,

In the interest of full open disclosure, my position is that I held NOR from 4c rode it to 16c, watched a falling knife with massive insider selling pre CR Ann, got stung with a further SP drop by a two stage CR that let intitutionals sell the price down pre holder issue and I am now very wary.

Knowing the numbers of fixed cost, average cost of acquiring a user and the total users acquired along with the growth trend I made an informed estimate of NOR spend for the 1/4 and it was in the ball park.

Being wary of potential for CR and wanting to see the cash burn rate I sold out in the 8's, aniticipating others to do the same and seeing selling build up pre Ann.

I am looking for a convincing reason to buy back in, I could buy back in right now and get 25% more shares than I sold and I also have plenty of room to catch any upswing.

The balancing act is that (on trend) cash burn indicates 1 more 1/4 and another CR will be on the cards, in which case the SP will get sold down, verses to counter this revenue needs to be 7 times what it currently is.

Doubling the numbers for the whole 1/4 would not stave off a CR, so if I buy anticipating new apps will take up the slack, I am doing so when numbers are trending down and advertising is being cut back.

I understand dead wood is being weeded out of the customers acquired in cutting back on advrtising to make each customer acquired more profitable, but if all revenue from all customers so far was 100% profit there would still be a 12m shortfall P.A of money out v money in leading to a CR.

The holder base is a lot bigger than the people on Hotcopper and the market will go where it wants to whatever.

I will reserve judgement for now wait and see what happens next week, but if I get back in now I anticipate I will face a falling knife at some point this 1/4 anticipating a CR, not knowing what's going on for a whole 1/4 will exasperate this plus once World credit is released it will bypass Appannie.

Regards Mark H