dangerous times become active

Dear fellow shareholders,

Unfortunately this is a dangerous time for Oriel / BilltoBill.

I am a long-term investor in Oriel and believe that BilltoBill will become cash flow positive soon and the share price will reflect this by multiplying.

This proposed acquisition is extremely high risk, will neutralize all upside potential and we shareholders will loose most of our investment.

Some very strange things are happening here. E.g., the valuation of Value Tech is mostly based on some Indian real estate. Are we now a real estate company? Can anybody really value an Indian real estate? This could be worth nothing and just sold to us as valuable. Even if it is valuable I do not want to own real estate I want to own BilltoBill. There are no synergies between our China-based BilltoBill and India- / Australia-based Value Tech. The two businesses are not synergistic. Whatever this bought due diligence says this acquisition makes absolutely no business sense for Oriel / BilltoBill. If both want to work together they can do a joint venture. BilltoBill does not have to make a 40 Mio investment for that. It seems Value Tech wants to absorb BilltoBill for little money. It seems someone thinks we shareholder are totally stupid.

Up to now only Martijn Hovinga and Yang Lei were cited in Oriel announcements. This time it is Stephen Lucas. And in this “The Australian Financial Review” article Andrew Metcalfe talks about restructuring of the board and Mr. Rao becoming CEO as if this is a done deal. This lets me believe that this is not driven by Martijn Hovinga and Yang Lei who have brought high-quality clients on board and build up BilltoBill after miserable management did not accomplish anything before.

If you do not want to loose your investment you better become active now and contact the Oriel board of directors and tell them that you are opposing this acquisition.