I read the broker report. A few takeaways.1. Cash May drop by...

I read the broker report. A few takeaways.
1. Cash May drop by June 30 according to them. Was hoping to least hold our own at $5.4 million seeing as that was June 1. Which may yet be the case. If not seems September May be larger like last year.
2. Report is relatively conservative in the JV margins and also I think BCC has said churn and ARPU was better than their estimate of 5/12 months for an average user. Least the report is realistic or has room to be outperformed. So 32c as a guide excluding JV value is not too demanding at all.
3. Road Post definitely getting the good end of the deal!
4. Certus will be a vastly improved product and should be well demanded.
5. 20c seems cheap, competitors would have to be circling if we stay there for too long.
6. Our products seems to be niche and a good moat.

Overall a balanced report, a starting point and they note will refine as sales orders and more details come to hand.