Ann: Half Yearly Report and Accounts , page-38

I'm kind of disapointed in the company and the cheer squad now - my interest in PIE has always hinged on the market window of opportunity.

Unfortunately I would now conclude in has closed.

* Mobile Ph handsets are dropping to near $0 in true terms
* Telco's are getting smarter with IDD mobile options (take a look at plans and pricing in Asia)
* The iPhone WiFi data argument is rubbish
* CAPEX investment environment is stuggling - business cases ROI is stretch based on forex and economy issues

From what I can see the agreement with BBG (8+ months ago) hasn't yielded anything (I'm not convinced BBG are quite what PIE put them forward as - just my opinion from reading on the web - take this quote and think about it a little "BBG sells its services on 350,000 payphones around the world."). If anything, this type of inaction just causes competitors / burns bridges in the market in my experience.

NZ Company - what's the big secret? Who cares? From suggestions it looks its a shopping centre manager or similar. If it is - business 101 boys ... it's never been difficult to put technology etc into these places, but the commercial terms and risk gets put back on you (they ain't idiots - if theres money in something they take their sizable cut first and let you take a leap of faith on your forecasts and business model).

Then we get to the $$$ situation

* burn burn burn ... got to get cash generating assets into the market quick
* raising the rest of the issue ... good luck
* Investec - as I've always said deal is too small to make it worth the while, yeah I know it's a matey matey situation - but business is business

The simple fact is if PIE had anything up their sleave the SP would be moving as the connection with Investec would certainly create a large set of insiders buying in.

I haven't seen anything of Investec pushing PIE for acq. or partnership in the market - and there is still money for two things - first home buyers and bolt on acquisitions.