Ann: Costs arising in response to Non-Binding Indicative Proposal, page-21

IMO - it would be 9SP's forecast modelling... previous auditors have had trouble stacking up the numbers the way AG & the board see them also... I DO believe that the changes that VISA have encouraged 9SP to make & shift focus of product are 100% positive...

The fact that the indicative offer was to allow cross selling (integration of 9SP offering) with their own - does conflict slightly with this suggestion though

9SP is still trying to find where it fits and continues to burn cash... looking back over the last three quarterlies I cannot see that expenses exceeded quoted forecasts in any of them - or any mention of unusual expenditure incurred as a result of this approach - makes you wonder how straight the numbers were - as the 500k was already in the numbers

Had started to average down with small parcels over the last few weeks, but will hold off now until CR details come out... cannot see how they will not be needed - would expect some good news - a price spike & then the CR ann - similar to post VISA event - I believe they will ask for another 2 years runway at the rate they are working now

9SP has promise, but there is soo much grey/smoke about what they do.