Ann: Quarterly Activities and Cashflow Report, page-34

Thanks for taking the time to go through it craigvn.

There are some good points raised.

I think the main thing that has changed after the CR is the advancement of the operational evaluation period with clients. Once that process is underway, SAS should have some bargaining power.

I'm not sure at what cost any sort of collaboration would come but the company would be in a strong position. They could discount rates by x% for the first year in exchange for a portion of their contract up front etc etc Our margins will be high enough to be able to have a plethora of short term options that will not debilitate the company to ruin. It will be interesting to see what develops.

You're right about the development phases but it's the same conversation just dressed up differently. If we're able to source enough funds for the first two batches, then hopefully the 'material revenue' after that can cover the rest. So whilst the constellation will cost ~150m, we only really need to fund the first 40 odd. There are options. I guess the main point you're trying to convey is that if we do need another 2 cr s how much would it dilute our holdings? I think as long as we sign some binding agreements, our share price should appreciate to offset the dilution. Getting something solid across with Globalsat etc will do wonders for investors' confidence in the commercial capacity of the stock, it would also indicate how achievable the projected revenues are.

Thanks for the heads up re Thuraya, I intend to do a bit of research today on the sector as a whole as well as our potential clients and how deep their pockets are.

have a good day, mate