Ann: Preliminary Final Report, page-8

No doubt some of the true believers will spin feverishly to try and paint this in a positive light but among all this is one telling point - they are nearly a million in the hole even taking into account the invoices they have raised. To translate, even with those invoices taken into account, they are still forecasting an additional nearly million dollars or expenses beyond what that will cover. Where is THAT money going to come from?

What I think is potentially worrying is three quarters of million dollars of "other" liability that is not broken down. I'd suggest shareholders attending the EGM might want to query that one a bit further.

Another takeway also is that they have now confirmed that TV2U is in fact the party negotiating content rights. From the Divan experience, content negotiation is not a cut and dried process. In fact Divan is no longer mentioned here, which is the way TV2U seems to operate - they let old deals just die and never mention them again, like they never existed. Toomai, Bodyworks, Sunfly, OM Telecom and now Divan joins the list.

This report is a dumpster fire but I suspect there will be those huddling around remarking on how lovely and warm it is.