Ann: Energy Mad to list on NZX , page-10

'No expert here but page 16 of the prospectus shows an acutal full year profit for 2011 of over $900k (NPBT) and over $800K (NPAT).'

Page 16 ignores the 900k loss from 'discontinued operations' detailed on page 64.

This page shows they are not profitable and have not been for the past 4 years.

'I understand the angst over INT, but credit where it is due - currently, their $1mill invest in Energy Mad has, on paper, made them a 100% return.'

That would have been a great investment - however I believe they actually paid $5million plus expenses, so it was a terrible investment.