Ann: Appendix 4C amended, page-2

Last year the quarterly reports provided an estimate of revenue, gross profit and net profit before tax. This year this is not provided.

This report refers to a seasonal reduction in receipts over Christmas. Last year revenue in the first half was $9.25 million and in the second half $8.85 million. Not much sign of seasonality there. We will obviously earn more this year in the second half because of new contracts, but I have no idea how the business is travelling from these reports.

We have to wait for the half year report and hope that gives some indication of the impact of the stadium contract on operations in the second half. Adding new revenue to fixed overheads can greatly boost the profitability of a small company like MSG, but the company has failed to indicate what the impact will be. I have moved my sentiment from hold to none as we are being kept in the dark. There is no basis for shareholders to value the company on the available information.