Ann: REFFIND raises $2m to advance international expansion-RFN.AX, page-13

Agree with that, think spectre of capital raising has definitely contributed to the negative price action over past month, more so than i would have expected. Good to have it out of the way.

While many of us think that raising capital at higher levels may have been optimal i think the reason they did not is a combination of (a) they did not know where the price is going to go (b) if they thought the price may dip and they are concerned about a long term relationship with investors they would prefer for those who participate in the capital raising to be 'in the money' especially for such a small capital raise, leaving a strong foundation for future capital raises at higher prices if necessary (c) doing a small capital raise at a deflated price can act as a strong base for sustained positive price action (d) they did not want to raise capital before it was necessary (e) they wanted an opportunity to indirectly top up via digital 4ge (less likely reason).

Remember pride/mcgrath/other directors holdings are escrowed till June 2017, they are in this game for at the very least the medium term with a view to the long term and do not care about short term price action. Good to see HK office set up, with US team currently in construction with Van Es leading the way. Should set us up for continuing quarters of strong growth, with a possible significant bump in 'run rate' due to packaging all items together. Personally have strong faith that the cash will follow our strong sign-ups, remembering the sign-ups announced represent only a portion of the clients willing to be named; and with the clients announced last time around there is scope for some pretty big companies to not make the naming cut. Loss making tech companies obviously not the flavour of the month but I also think Australian investors struggle to price these companies.

Discounting the share price this company has put in an incredible first 12 months for a start-up. Reffind has opened up overseas offices, signed countless world renowned companies, established a four pronged product, made a good value acquisition, formed partnership agreements with ADP etc and developed a very strong management team outside of JP himself. Important to recognise just because it is publicly listed doesn't make it immune from start-up troubles of private companies, and I personally think Reffind have done very well navigating growing pains throughout this period. Think we have likely reached the low and that we will again reach the peaks of $2 but that it will be a steady, slow and justified grind to those price levels this time around.