Ann: Response to ASX Query Letter, page-87

Teddy, I think you’ve mixed up revenue and cashflow. They’re entirely different things.

We’ll see the SP increase when cashflow is positive and increasing. It’ll continue to decline whilst the company spends more than it earns, especially in a high inflation environment. In a high inflation environment, cash today is worth more than cash next year, and is especially worth more than promises of cash next year that look increasingly risky.

It’s important that BET gets a handle on its costs rather than seeming give money away and to pursue revenue at any cost.