There is no doubt that at this point that FRE shares are trading...

There is no doubt that at this point that FRE shares are trading around Cash value and there are more assets than liabilities so it looks just ok. Although $4M at 31 Dec 08 will likely mean $2.5M at 31 Mar 09. Losses for FY09 will likely be around $8M again I predict.

In your summary, you should really be mindful of collapsing revenue which has been evident all year. Current FY09 revenue looks like about $2.0 to $2.5M. As at 31 Dec 08 Revenue was $1.5M. $1M from ordinary activities and $0.5M from investments/interest, etc.

The upcoming 4C will have no good news in it, look out for increased OpEx for staff payouts, etc. I am getting these comments in early as I said yesterday I would not comment on the 4C after it is released.


Still amatuer hour over there though, look at the dates of the latest 5B Director Interest statement:

Name of director SPIROS NIKOLAKOPOULOS
Date of last notice 18.9.08
Date that director ceased to be director 24.4.08

He must have mastered the art of time travel! LOL!

I note that his drain on Freshtel was $65,000 directors fees plus separate "consultancy" fees. His departure should slice off about $200K? in Opex PA?

How long do you reckon until Rhonda is gone?