Ann: Response to ASX Price Query, page-128

Innodata is the smallest of competitorsNonetheless you don't slam the gate shut without thinking it through.stock for stock is fine but needs to be a 50/50 merger and name change to Appen with dual listing.It only has 28m shares on issue and - if it seeks to put $200m revenue in its cash flow statements and net assets with platform at US $350m on its Balance sheet then the offer needs to be excess $US300m.They can give Appen share holders 100m shares at US$3 each and try to get it over the line that way. But don't completely shut the door.This is a great way for Appen shareholders and for Appen to get a backdoor listing on Nasdaq.