Pre IPO, page-9

Look I totally understand the logic behind this. I just believe the fear has gone way to far. For example If there was an exact clone of Woolworths but a Chinese version I would not pay $36 for it but if it was trading at $8 I would think it is incredibly undervalued.

We have to ask ourselves this. How often do auditors get it wrong? I dont know to be honest, I dont have stats. However for the most part they do get it right and if they get it wrong they certainly would not miss something like $30 million of cash not existing.

I believe the company should be valued at less than an Australian copy of this company. Due to the risks of it being overseas and other risks you have mentioned. I dont however believe it should be valued this low.