Ann: Quarterly Activities Report and Appendix 4C, page-2

It’s no good having a lot of customers if your customers pay you less over time.

When I first came across this business - some 12 months ago, my concern was that it was a business that was around for a good time, but not necessarily a long time.

With each subsequent financial report that concern went up a notch or two.

Now I attach a 75% probability to the end game involving this business being acquired.

What I’m not sure about is how far it’s value still needs to fall in order to attract a bid.

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