Ann: December Quarter Trading Update & Appendix 4C, page-23

Donaco according to their report has been cash flow positive for years. Its downfall is in its wheelings and dealings with respect to SV. Ripped off in the size of lease payments for SV with writedowns, bad blood, lack of management focus on the business side. The reliance on Chinese is now going to hurt both casinos due to border closures etc. After all the write downs now the business is hinging on a protracted court case from Singapore. Regardless of outcome - even if positive - still will have to extract money from Somboon - can they and in what timeframe. Maybe his shares will be forfeited and any owed payment for management fees cancelled in Donaco's favour - but that could be it. Then the appeal process in Cambodia - unknown quantity in both judgement and legal costs and possible pending further appeals - more legal costs.

If net debt is only $3mill and Singapore comes to pass as above, it might be best to cancel Cambodian appeal, give SV back to Somboon for the amount Cambodian process has determined it to be worth - save some money on further court costs not to mention the uncertainty of years of further uncertainty. Finalise process, distribute whatever proceeds back to shareholders and get out of Cambodia. Focus on improving Aristo, which may still prove profitable. If ASM can build it up and decide to sell, well then so be it. Not exactly and ideal scenario however a lot of speculation will then disappear.