Ann: Quarterly Activity Report and Appendix 4C, page-9

$18m in cash is not enough for a meaningful acquisition, without another big capital raise, given the revenue multiples in this industry. There's also no real pressing need for acquisitions given the acquisitions/stake increases that have already taken place in the last couple of years.

In July 2019, Zameen contributed nearly 50% of portfolio revenue and now the breakdown looks like this:

		% Owned	Portfolio Weight
1			By Revenue
2	Fincaraiz	100%	14%
3	Avito	100%	9%
4	Tayara	100%	2%
5	Yapo	100%	16%
6	Autodeal	56%	2%
7	CarsDB	65%	0%
8	Encuentra24	26%	4%
9	Hoppler	40%	1%
10	iMyanmar	53%	0%
11	LankaPropertyWeb	53%	1%
12	West Africa	50%	1%
13	Zameen	30%	29%
14	Pakwheels	37%	2%
15	Infocasas	100%	18%
16	Moteur	100%	1%
17	TOTAL		100%

Absent any outstanding prospects I'd be happiest to see them sit on and grow the current holdings, better still if they can "monetize" a few of the stragglers. Perhaps Encuentra24's major shareholder would be generous enough to buy us out.