SG&A, page-4

Might be but at pro-forma AUD85 mn in revenues (and expected to grow from here) and salaries of around AUD10 mn, it doesn't seem as though the salaries are way out of wack. It did seem as though the stock-based compensation was going to dilute earnings a lot but that's definitely no longer the case. Not sure what professional expenses of almost AUD3 mn are (unless that's investment banking expenses for their acquisition of THM). Do you know how many employees the company has by any chance?