Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

'strong start to the financial year' - released after market in the hope no one will notice....sheesh!

I disagree with their headline assertion and so does the market. That cash burn is dreadful. Even more concerning their growth appears to be stalling, at least temporarily. Nearing 10% growth QoQ is still attractive, but it's their slowest rate for a while and costs are still exxy.

I also touched on the Cintra alliance, which is currently delivering very little gain for the business.

They need to reign in costs and haven't demonstrated an ability to do this. A capital raise at levels below this will result in significant dilution.