Ann: EN1 Revenue Update on Cash Deployed for Publisher Activation, page-38

I'd be a little more conservative until they show the revenue on balance sheet however do think that min $20m MC could be justified now that the revenue is forthcoming. With $3m revenue last quarter the run rate was already around $12m p.a so adding 15m of fresh revenue puts them on very solid footing, especially if the 40% margin they predict is proven to be correct.

With over 125m shares traded today near 1/3 of the register (377m) was turned over. 147m of those shares are under escrow to the founders so basically a bit over half of the free float was turned over. I imagine plenty of this will have been traders however I'd say a fair few also went to investors.

$20m MC works out a touch over 5.3 cents per share, will be interesting to see where this run takes it. This table shows the share price v's market cap for those interested