Ann: Preliminary Final Report, page-10

I sold out despite still liking the business. I can probably tolerate its still lumpy revenue style, but I cannot turn a blind eye to the fast increase in its operating expenses for flying people around. According to its CFO, much of this expense level is to continue. As they flag in recent announcement, they are going to build their American operation, which is to cost yet more in the next 12 months.

I can trust what the mgmt said about the business is to grow in FY15, but I am not convinced we are going to see much growth in EBITDA or free cashflow. If they do manage to achieve a much less lumpy revenue style after all these spending in a year and at least give an indication of % or recurring revenue, it is worth a re-rating to 8-10 EV/EBITDA IMO, but as it stands, I can only get myself to put a 6x in the spreadsheet and that gives me a SELL sign for now.

It will stay on my watch list for now. All just my opinion only.