Ann: Investor Presentation, page-103

I’m not sure where you get the $3.5 mil net profit after tax figure from but I am sure it’s incorrect. It would be closer to $4.9mil by my calculation.

You go on to mention that we have to pay tax, a point that I would challenge you on. If obj and ns are set up as subsidiaries of welfully, then any tax losses incurred by obj could in certain circumstances be transferred to and thereby offset against ns profit. This would reduce the tax payable on ns net income.

I’m betting that the board would be looking to tap into any potential future obj tax losses as part of their overall strategy to maximise the disposable cash available for ongoing revenue generating endeavours.

Once this option is extinguished, ie., once obj starts making a profit, then previous years obj tax losses, of which there are tens of million dollars worth, can be tapped into.

If if you insist on focusing solely on the ns deal, please don’t let me or anyone else try to stop you, but voting is over, so it may be time to move forward.