Ann: NNG Investor Presentation, page-15

It looks like they are doing the responsible thing at last. Focus on keeping NNG head above water, only go after revenue that makes sense (higher margin, less hardware sales and more service revenue). Eliminate all unnecessary costs, try and provide a mutually beneficial solution to the current overhang issue and then come back and fight another day when stronger financially (ie. Acquisitions and longer-term 'roll-up' growth strategy).

Management seems to understand there is no point in making acquisitions just for the sake of it - just results in diluting existing shareholders to buggery otherwise.

Exec Chairman, Peter Christie, Paccman - whatever you want to call him, raised a very important point in relation to multiples and peer comparison. The price of NNG today is a function of a number of factors all in play at the same time (perfect sh#t storm if you like). Once these issues are resolved one at a time the price will better reflect the value of its revenue, even more so now than previously because it will be EBITDA positive revenue.

Also important to note the tax liability should be taken care of by R&D rebates over the next 12 months.

Personally, I think we have seen the bottom of the NNG market.