I absolutely agree Starr. This is ultimately an exponential...

I absolutely agree Starr. This is ultimately an exponential growth story in the making.


JonnDavo - You should not take the last burn rate into consideration as there were one off costs including staff redundacies.

In regards to control, my point was that with Paul + Songtradr fully exercised JXT's board still maintains their own control and a vote would be required if it ticked Songtradr + Paul above the line.

I would not personally include Richard White as he is an independant party but I understand why he is mentioned in the same breath. The last raise went to the wholesale market first before they gave it to Richard. A small portion of that raise was still taken by wholesale investors, so clearly they didn't care about the control aspect at that time that you are alluding to.

Paul does not have absolute control of Songtradr, the corporate governance structure seems robust and Paul would have to exclude himself from any votes at the songtradr level that pertain to JXT as he has an obvious conflict of interest with his direct hold/benefit in JXT. He is still a related party for obvious reasons, one with a further direct aligned interest to ours.

• Options would be written off by songtradr if they chose not to exercise, it is direct equity and no financial risk to JXT. I cannot fathom how anyone would not exercise those options that are deep in the money in any case.
• This one is a good question I have contemplated previously. If they attempted to twist JXT's arm with threatening to recall the loan note, they'd be attempting to sink the ship, Paul's, Richard's and the directors interests along with songtradr direct equity hold via tranche 1 loan note. Not only do I think that is extremely unlikely, I also believe it would be highly illegal to purposely sink a jointly held ship with the intention of buying much more/all immediately after... I'm thinking listed market manipulation rules. Paul and Songtradr have kept their business squeeky clean to date and there is no reason to assume otherwise.