Ann: Quarterly Activities Update and Appendix 4C, page-19

I agree, but what I think it does show is who might have the bigger promoters or bigger funds which may be driving valuations and investor excitement.

I have been buying more, 4c sales soft, yes, but expected, costs coming down is the main thing to focus on. If sales increase in the next two qtrs, which Oct/Nov, is the big selling period for Aus/NZ schools, I would expect the costs of acquisition to continue to decline.

If they can get costs down to $2M a qtr, $8M burn a year, and get $10M revenue next year, they will be cash flow positive. Management have quite a number of performance shares to expire in 2019. if they are to get them, they need $10M in revenue. I would say they would be driven to get to that number before they expire, which would be a positive for everyone