Interesting research Grant. Does open my eyes up to ATC more....

Interesting research Grant. Does open my eyes up to ATC more. However I agree with oooaaa99 on this one.

What you call commission in the travel agent example we call gross margin. The company has indicated a gross margin on revenues of 40%. Now if this has changed surely the company should inform the market.

Perhaps as you say ATC may be similar to TLO but I dont think TLO ever had the gross margin ATC has.

The bottom line is, is that the market wants to seea big big reduction in the net cash outflows in the June quarterly and the postive cashflows in the Sept quarterly. Once postitive, there will be no longer a need for placements to fund operational comittments.