Hi Bobyy, Cryptomal66, I was wondering if I can clarify...

Hi Bobyy, Cryptomal66,

I was wondering if I can clarify something please.

A lot of people here are referring to the performance bonus being achieved at 100m subscribers. I don't think this is accurate. Section 13.6 of the prospectus (p118) states that the first performance milestone is triggered by an 'addressable market' of 100m people (... of which in theory there could be zero subscribers and zero revenue).

An 'addressable market' is the total available market, not the subscriber base within the addressable market in my opinion.

In reality the performance milestones are not linked to revenue at all and the first hurdle has probably already been secured.

There has to be, of course, an assumption that some revenue will/should flow from these addressable markets, but there is no way of knowing what the actual uptake will be and the performance hurdles are not correlated to this anyway, so talk of $100m in revenues based on performance targets being hit is probably premature in my view.

Happy to be corrected or hear a different view, but just to clarify to people this is my understanding.

Regards