Ann: EGM Management Presentation, page-146

Hmm...ok, I'm not quite following you. I am more than willing to accept I'm wrong. But, what exactly do you mean...

So, firstly, maybe I was wrong about the water plant, will look into it...didn't know it was a source of 25yrs of recurring revenue...wow! Can you ecplain further...is this the VSN licencing fee you're talking about?

So, ok. Maybe I do get it.

You mean that the VSN license is just a gateway to revenue streams that are much more valuable than the recurring revenue from the license subscription itself? Is that the play here? Like what? Ok, wait.. I get the once-off design and installation fee, and while potentially substantial (depending on size of client) this is not recurring. But, perhaps there is a recurring network maintenance and upgrade fee? (again, size of client would matter)...but normally this is a service that already comes with the license subscription fee, no? I'm mot clear on what else?

Ok, so I get what you're saying, regarding size matters!! Yes, I agree, the success of the company is more than just how many licences...it's also about the size of the client. Fair enough. By the way, is it multiple licenses, scaled to client size? Or just one licence per client regardless of size, do you know at all?

But, in the end mate, all of that is just too hard to measure. I mean I suppose you could monitor client subscription by market cap, to see if VSN is successful at attracting the big players over time.

But, ultimately, in my mind, it all boils down to how sexy this VSN product is, right? Just everything hinges on it...
That's why I asked for something simple...just number of licences...are we seeing growing uptake? But maybe you're right, what matters most may be knowing that we've got a Boeing, or a..a...google for instance..rather than sheer numbers of licenses. So...f%#k!! How do you get a sense of growth...I am looking for a lead indicator that VSN is working, because, I don't understand the revenue side atm...is the water plant part of core business?

Gooood...this is doing my head in...what is the business model? And what is the lead indicator that things are good?

Help please.