Ann: Expiry of Convertible Notes, page-77

By official guidance, a raising was not on the cards when we got the Regal/Bombora raise. Just saying. If they acquire, they need to raise, more so now they are around $800k lighter on cash. If it was somehow all script, dilution would be heavier now.

If nothing else happens, then they collect a wage, treat us the same and the sp hovers. With no forseeable dividend, what will keep investor interest. Growth levels, while good, really aren't that sexy at this end of the market, unless they do it over a number of years and you are prepared to wait those years to see the sp grow. That in itself has underlying risks, as some other company may cut your lunch if you are too small. The risk/reward has just got riskier, so any person looking to enter wants a lower sp to justify the risk.

I still see the key drivers are:

• larger contract values and let the market know
• building the managed services as a recurring payment platform and let the market know
• synergistic acquisition on good terms (less likely as sp falls, but depends really on your cost as a shareholder)
• getting value from TSI realised or represented in the sp

All IMO.

Cheers