Ann: Half Year Results - Presentation, page-17

I’m hopeful for holders that this turns out well - but I’m skeptical.

The IABD business added $19M in Revenue but only $600k or so to EBITDA (and still negative NPAT)? It doesn’t take much for that to go very sideways particularly when most of the revenue is in business lines that the current management of 5GN doesn’t understand well (Managed Services and hardware sales). The feedback I’m getting from those in and around the business is there is an extreme lack of knowledge of those markets/vertical in particular.

I’d add there are also significant options outstanding which, if exercised, will dilute markedly the values of shares held today.

Those calling a stock pop to the low $1s could well be right - I’ll make the opposite call, by Jan 2020 this stock will be trading at sub 30c and there will be tears and hand wringing all around. Lets see - good luck to holders!