Who is selling?, page-4

Hello Tebley,

There have been a total of 307k sold this week, and 1.2m since Monday 14th. The selling has been spread around numerous parties including Merrills, Bell, Terrain, Maq retail etc. I do not think there is a consistent pattern to it, most likely individual investors changing there investment horizons, reacting to their portfolio performance, margin related etc. Standard stuff, I don't think you can join the dots.

On the buy side, Salomon have been bar far the biggest buyer, reinforcing my point yesterday I believe that it is UK orders (read directors) that is doing it. Comsec have also are long to about 260k.

In regards to the performance, I understand your perspective. However, we must look at the numbers as a part of a whole revenue growth curve. Specifically, it is only very recently that the US$40k-50k (or even more as I hear it) per day has been recorded. The previous qtr averaged about $US25k per day. This growth is due to the switch installation, new customers etc.

Therefore I would assume that the EBITDA +ve qtr will be the current one. I have also picked up on the grapevine that there have been serious amounts spent on 'security deposits' with other carriers. This is standard in the industry apparently an can be up to 100k sterling for a big carrier. Not much for Telstra but a pain in the arse if you are ATC. There is no getting around it however, and it is still classed as an asset obviously.