Ann: Entitlement Issue Prospectus, page-53

USD 240m in cash was paid for Star Vegas, additional 120m in equity, the goodwill write downs do represent cash losses for Donaco.

Perpetual dumping stock turned out to be an excellent decision by them, they pulled the band-aid off and things have since become much worse.

Talking about 10m or 15m NPAT for a year and a 10c share price sadly ignores the reality of increased competition, and the likely slow ramp up of turnover post Covid restrictions.

If I was you I would be conservative and assume some stability and those kind of figures from the beginning of 2022, it's likely by this time treatments for Covid will be available, and the Thai economy will be on the mend.

I think its foolish to assume that if restrictions are loosened turnover will return. Player numbers may be good, which I'm sure you will focus on, but the level of spend will be much lower.

The fact is, the Thai economy is heavily reliant on tourism. The local incomes of the gamblers will be seriously impacted for many months, perhaps up to a couple of years before recovered.

When you combine this will the numerous casinos in Poipet fighting for this smaller pie, the incentives to gamblers will increase, and a lot of casinos in Poipet may be happy to just break even and survive over next couple of years.

These are the facts. Not useless ramblings about Somboon getting covid, or bombs going off in Macau, or business trips being permitted to cross borders code for VIP junkets.