Ann: Strategic Acquisition and Capital Raising Presentation, page-5

If IWS performs same like last year, it should be payed back in the next 2.5 years with ongoing minimum 7 million $ profit per year. Paygroup was mainly operating in Asia with more than 1100 customers, where IWS similar business to Paygroup, was mainly operating in OZ and NZ with a 1000 customers. Merging this 2 profitable businesses was a masterstroke. This was an cracker of aquisation...18 million $ is an absolute bargain ...well done management. Will apply for my full allocation...