Ann: Preliminary Final Report, page-10

At first glance, the impairment loss was a little concerning as management has made a poor decision and over paid for acquisitions. In addition, it's a shame the investment in software development couldn't be re-purposed and had to be written off as well.

It isn't all bad news though, I think one of the saving grace was definitely CHT. Their revenue growth from HK and Singapore was moreorless in line with what I had expected, however, the revenue growth from CHT had exceeded my personal expectations albeit from a low base but nonetheless still deserves some recognition. It's also interesting to note Yozo has achieved net profit and maintained a zero default rate (refer to p3). CHT and Yozo is definite a space to watch. Definitely like to see Australian segment rapidly growing and contributing to the bottom line.

Just my own humble opinion, I think Jimmie's done an exceptional job managing adequate capital structure. Balance sheet looks reasonably strong (even after excluding intangibles), acceptable normalised profits, cashflow appears to be well managed. Am happy with Jimmie's performance overall.

Final thought, NTA as it stands is $0.1296/share however current market price is $0.10/share. I think the market may have been over bearish but make of it what you will. Best of luck fellas