Ann: Reinstatement to Official Quotation, page-26

It's not about income it's about maths, uncertainty and fear. First, what we have seen over the last couple of months (especially the last month) doesn't support an $84M valuation, so it's got to come down. Second, what we have seen over the last month has shown that the EM1 / Miggster / TIM / Crowd 1 relationship and products is very substantially suspect. This will put a very substantial discount rate on the implied / expected value of the Miggster deals.

I stand by my 2c valuation. I'm just one punter so who knows, but that's my read of the situation.