interesting question

Hey GCN crew,

So I saw 'Onshow's question earlier about the prospectus and it intrigued me.

Now, before you I pose the question, remember that I've read ALL the announcements in the past about the GCN/P1 relationship, so IF you are simply going to repeat or SHOUT read the announcements rather than THINK about the question, don't both replying.

The question I am going to pose though, is this:

-Despite GCN's past announcements, which we know have been subject to changes with time in the past (even been forced to be rectified twice last year by the ASX) does the 50/50 JV revenue still exist?

The reason I ask this is simple, Priority One prospectus is supposed to include ALL relevant information to a BRAND NEW investor in the company.

I feel giving 50% of revenue to a JV partner would come under this 'relevant information' banner.

Could it be possible that the GCN/P1 relationship has changed?

-Given information above AND the direct quote from the prospectus that the deal was formed on:

"16 November 2011"

Now there is no GCN announcement about P1 on that date but there is an 'update' on the 14th November 2011 which I would 'assume' is the finalisation I'm talking about.

Which mentions a 40% 'equity' share in two JV partnerships.

THESE two are specifically announced on September 22, 2011 and October 24, 2011.

-Shanghai reliance JV
-Novel Orient JV

These two partnerships are the ones I believe personally GCN gets 50/50 revenue with. Rather than 'all p1 revenue' as most here would state.

Now this still isn't a bad deal, as it contains the two of the larger and most 'realistic' value adding ventures of P1.

-Chow tai fook jewellery with Novel Orient (15million cards deal)

-Shanghai Reliance ('50 million' registered users)..

Just to clarify, I think the August GCN announcement is not relevant anymore as the P1 prospectus specifically mentions another announcement and DOES NOT mention giving 50% of revenue (which is fairly relevant) to another company.