Ann: Quarterly Activities and Cashflow Report, page-36

VN8 and NOR will never do business together. The horse bolted on that one when VN8 selected Counterpath as their softphone provider a few months back.

VN8's largest wholesaler, IAB was recently acquired by MNF, and this will have a huge dent in their sales going forward. They, like NOR lack strategic discipline. They are running two completely separate businesses. Learn from NOR's experience, either focus on corporate UCaaS, or make consumer apps, but don't flip flop depending on which area of the business is providing short term success, and stop chasing R&D tax incentives just for the sake of it!

As I've stated on this forum many times before, the UCaaS market is dominated by the beasts, Microsoft, Cisco, RingCentral, 8x8, Slack & Mitel and companies like VN8 & NOR (let alone established players like Avaya just don't have the artillery to keep up.

The market has moved on, and the future now lies in CPaaS. Enterprise can now integrate communications into their own apps with a few clicks using platforms such as Twillio, MessageBird.

The ASX is littered with failed VoIP plays, ZIP, UNL, NOR, FRX (from a value perspective). VN8 is just later on the curve.

With almost 200k subscribers that could benefit from WV and possibly WW, I wonder if FRX would consider running the ruler over NOR if this CR falls over?

An all scrip offer at 0.2c would leave NOR holders with 1/6th of the combined entity, but at least provide them with exposure to upside, with a fast growing and profitable business run by a financially disciplined team. Before anyone jumps on me for valuing NOR at ~$3m, note that FRX still has a valuation (based on IPO) that is only slightly above NOR's, despite being casg flow positive and growing rapidly.

The combined entity would provide 4G & WiFi coverage globally as well as the ability to receive Visual Voicemail whilst travelling abroad.

WV would be introduced to the 580 telco's that FRX currently has relationships with.

Corona would be put on hold, and PO and his mates would no longer be a drain on shareholders or the ATO.

Interestingly, Malaysia do things differently t us here. Instead of offering R&D tax rebates to tech companies, they offer a 10 year tax free period. So, FRX are incentivised to make a PROFIT rather than simply running high R&D expenses. Anyone see a link to the outcomes?Food for thought isn't?