Ann: Change in substantial holding, page-7

Hi Bill,

The shareprice was always going to retrace to the offer price. It will often dip slightly below that before moving up according to how effectively the new funds are used. The recent comparisons with Zero at this stage make an interesting exercise . They also ran hard to to aggressively grow market share using a series of raises to fund their rapid expansion. They also ran a deficit for several years.

This didn't stop the share price from growing strongly; they were running at 50 times revenue whilst still in deficit. Why 11 times is deemed appropriate for LVT beats me. Livetiles not only has market leading technology it has a very focussed, experienced and high energy team. They have a great board, their CFO was formerly with Macquarie where he raised $10b for projects, and have recruited several highly experienced and accomplished executives; the sort who wouldn't waste their time with potential failures, to enable them to increase exposure and broaden market share.

This is still a risky investment but LVT has the right mix of ingredients to be an absolute winner. I am backing them all the way. DYOR research especially about technology companies in a fast moving environment, don't expect them to behave other than how this space dictates.

Good Luck to all holders. Tamborine