General Discussion, page-2033

I fully appreciate what you are saying looking only at operational performance.

The better than reasonable performance that drives my opinions relates to good risk and capital management which skin in the game managers are much more focused on than career executives.

* The big one was getting Super Soco to fund all the Start Up R&D to develop the B2C products in the early days which sent them broke but allowed VMT to make profits along the way and be cashed up enough to pick up the patents for a song. For shareholders thats a massive win that we are yet to see any benefit from.

* The story continues as the SE Asia market emerges. They are letting Charged Asia provide all the considerable Start Up capital that would dilute us and the management team into very minor shareholders and potentially send VMT to the liquidators with the likely losses from the subscription model, that is very high risk like the rental and share models that destroyed Greenmo. Having left the risk in Charged, VMT will make good profits while all the Capital they are able to raise is turned into bikes as a service. If Charged is successful VMT will continue to make profits. If charged fails which is highly likely VMT will be able to go from 8 % to 100% for a very small cost, without diluting existing shareholders, if there is a viable business model to go forward with.



Hopefully the days of VMT trading at a PER of 65 instead of 5 we see today will soon return.