Ann: Trading update, page-9

Just to put some context into your valuation of the business. At 2c SP the business would be valued by the market at around $3.2m. The last balance sheet says shareholders funds (net assets) stood at $130.5m. Do you think $3.2m is what this international business is worth? Sure they are going to be pummelled by the mother of all economic storms but I see the founders making a move to take the business off market before that level happens. IMO they would see the value in doing so and have a lot to lose personally if things actually reach anywhere near those figures. I know what I would be advising them to do if they still had any of the sale proceeds from the original IPO in their pockets.