Bit of a shock, page-9

These guys have a spend culture, just look at their Head Office. Plus massive pay rises on IPO for all staff from Exec Chairman down (who's now on over $300k PA).

In turn, people are quick to judge the seed investors, but remember that Kevin put this deal together and took the money of the seed investors at that level. The seed investors risk their money with no liquidity unlike the IPO investors who get full cover; yes they are at a loss but they can still sell anytime.

For me, looking at the seed investors is the wrong place to look and it is typical of 14D to try and divert the issues away from their management of the process.

4TK