Ann: Trading Halt, page-38

We are in unexplored territory now. Pondering Walrus Boots' question I went back to the Pattersons research of February 2018. Obviously dated now but it put a Base Case value of $1.15 and a Bull Case of $1.54. If we add the US acquisition to the last FY result on revenues XTE would already be at or close to the Bull Case predicted back then for this FY. The Bear Case was 0.71 but the numbers there are so below last FY that now seems irrelevant. As yet we have little to base an assessment of what the merged entity will do in FY2020 on margins or eps etc. There will likely be more brokers, researchers doing the numbers now that XTE is moving beyond micro-cap status and we will soon get a clearer picture. I hope (and expect) that will back up Walrus Boots' conclusion for the longer term.