still holding, page-7

I wasn't expecting Indian trial for about 1-2 months... I thought it would take much longer, or may not really happen at all (I have no idea about the quality or otherwise of the JV partner).

If the trial goes well, I would expect the other 99 schools of the same Trust to also take the product. This could actually be rolled out very quickly I think, and will make the Australian school numbers look very small indeed.

MWR receive a royalty (30%) from Indian arrangement and there are no costs associated, so the full amount received is profits.

The potential profit on this one is huge I think.

Ultimately probably won't see it flow much into the share price until revenue actually starts to show in the Quarterly Reports as people generally don't believe these things until they see the money (may take 6 months to have a significant impact).

I also understand that there are pretty much no institutional investors in MWR - as basically it is too small for them. This will start to change I think once the price gets a little higher (probably around the $50m market cap). Once the instos start to buy you will see a quicker increase in the price. I would expect instos to try to get in as part of a placement so they don't push the price too much. I would like to see MWR do a rights issue to existing shareholders at the same time to reward them for their loyalty as they haven't had an opportunity to be involved in placements (unless they were part of the lucky few).

Cheers
Marvin