Ann: Half Year Accounts and Appendix 4D, page-17

ro,

how i understand the half report and market update previously:

the 4 acquisitions worthy 18mil excluding earn out...

the net of receivable and payable is 8.5mil

cash is 7.7mil

up to 30 june 17, no earnout payment is due... therefore, the cash balance could easily go to 12mil by closing the trading book gap...

they obviously going to make savings on marketing and staff if part of business gone on maintenance status

so all considered, low 6 or sub 30mil cap is low risk and high reward...

another thing is they dont really need further update market until say july or auguest, a lot of margin can be traded in between