Hi Charlie346,Thanks for agm write up really appreciate it! Just...

Hi Charlie346,

Thanks for agm write up really appreciate it!

Just some thoughts:

The license renewal costs could potentially be $30M or $15M for ONC 50% share. 5 year renewal time frame.

ONC share of the SmartCard profis was ~$2.65M. If we become liberal and assume they will earn ~$5M for the next 5 years after agreeing to the renewal, the NPV @ 10% discount rate equates to ~$18.95M.

If the math is correct the investment in the new licenses does not make economic sense and from my point of view is definitely worth selling to another party.

Do you know if the upcoming change in power of the Chinese government is a positive or negative in the license renewal process? Yeah ambiguous question...

Partnering with Enjoy Shanghai to issue 10,000 memberships to ICBC Bank seems promising. Definitely need to continue to gain momentum and build scale. Would like to have seen more statistics to gauge their growth better thus looking forward to the half yearly.