Excellent announcement - this is the most positive they have...

Excellent announcement - this is the most positive they have been for a while.

Good to see the increase in SMS volumes, especially considering there are a few less days in the March 2008 qtr compared to the March 2007 qtr (as Easter fell in Mar08 qtr and Jun07 qtr) - so real increase is probably above 14%.

Cash position is a slight concern, however I think there is a message there around timing of cash collection, as there were also a significant increase in receivables... and there has been a comment that the receivables was reduced in the early days of the current month (ie they have received the cash).

I'm happy with the progress in USA with 28 schools now signed up.

I reckon that for 191ASK, whilst there has been "a lot of interest in Australian schools and was recently demonstrated at a conference of Australian sports teachers in Adelaide" That is probably hasn't turned into a lot of sales yet (which is not that surprising given it is a new product). Hopefully the upcoming winter sports season at the private schools may give this a kick along...

Will we see a raising??? I reckon so, as you don't want to push it to the wire in terms of needing cash. (They probably don't need too much... about $1m will let them ramp things up further I think). They don't seem to have had a problem raising cash in the past, but given the current share price, I would prefer them to make a rights issue, or do a Share Purchase Plan, so the smaller shareholders can actually get some of the rewards at these cheap prices, without being diluted again.

Come-on MWR... raise the money from existing holders.

Cheers
Marvin

Disclosure: I hold.