Ann: Quarterly business update, page-6

The market is awake. It doesn't like the IWS deal and we're looking at a large overhang once the 30% extra shares are issued. Take these shares into account and marketcap is around $73mill. $15mill for a $1mill EBITDA company. IWS owners laughing all the way to the bank, predominantly paid in cash. Now who's going to participate in the placement at 56cents when the shareprice is 55-56cents? Not me.

And no they are not going to be THE payroll player in Asia Pacific, you're ramping on falsehoods. The market is very competitive and it will be a challenge to secure their product into a new region market. There are synergies that will help that challenge.

I like PYC, they were going along fine, but share price progress will be thwarted now due to the large dilution and . Be realistic is all I'm saying. Next few months will be tough.