Ann: Half Year Investor Presentation, page-14

250k subs sounded aggressive to me but they've put more work into it than I have.

Probably a bigger unanswered question is how much more money will they throw at Pennytel if the ramp up takes longer than expected. Will they still be trying to make a profit in 5 years or will they cut the venture after $5m/$7m/$10m of losses. If the market knew say $5m was the max investment over the next 2 years it might not be such afocus.

Also MNF was being valued as a software company. Pennytel is a move back towards telco...lower valuation multiple