Ann: Trading Update, page-38

It is not unreasonable for the current management team to compare apples with apples by using the ANZ business as the comparator. As long as this is properly disclosed. But to be fair they also need to do this on the cost front because it seems that whilst ANZ revenues are improving, ANZ costs are also growing significantly.

The 2Q numbers will be very interesting to see the cash burn.

The MVNO disclosures also will also be interesting. SPA has a significant advantage in connecting new SPA watches. Will be interesting to see how many MVNO clients they retain after the kid matures off the watch and how many they acquire for non watch customers. And also if they can establish an MVNO in NZ.

Disclosure, disclosure, disclosure.