Ann: Withdrawal of Cleansing Notice, page-192

The post clearly states the words "Forecast EBIT".

You are obviously aware that ALL companies provide forecasts, which is completely normal reporting activity. Variables are reported in updates and audited actuals, at which point 'investors' sell, buy or hold. Their last two updates included line items about excluded expenses as a result of the ASX suspension and SWIFT backbone retarget investment costs - pretty black and white call out stuff for anyone who wishes to read the announcements and do back of the envelope numbers.

October EBIT reported as $2M on a GPTV of $2.25bn, so unless the below trend falls off a cliff, the probability is high it will continue to be $2M per month - obviously we already know about the material one off cost updates above, so need to factor that into the likely outcome. That said, the SWIFT retarget is an upfront investment to mitigate risk and increase margin. 101 stuff.



You may have also missed the announcement on Dec 16th about 2 new significant merchants MFG and Currency ONE SA - the former with 450 offices in the EU and the latter with 600,000 users exchanging 10's of millions of currency per month. I'll going to get what might be controversial for those with an axe to grind with ISX and say they are likely to ADD and not SUBTRACT to the EBIT position. It would be highly unusual if it was the latter.

The June update announcement articulated the cashflow position and they have since increased total volumes significantly and no material cost annoucements above what has been stated above.

The following statement is interesting....

"ISX have always known when they started as Tier 1 yet never downgraded until December (more BS) from above"

... because you are obviously not in a position to know that as a fact, nor have you supported it with any analysis of the known annoucements or extrapolated a reasonable argument above writing the sentence.

So again, for a relatively new company with effectively 10.5 months of full operational activity, this company is miles ahead of many of new traditional companies in this phase of their growth cycle and significantly ahead of technology companies who have trouble putting an EBIT forecast up.