Ann: Results Announcement Appendix 4E and Annual , page-2

re: Ann: Results Announcement Appendix 4E and... Not the best looking figures imo.

$24 million in revenue of which nearly $9 million is a receivable - trailer commissions. I would like to know how they a/c for trailer commissions. Looks like they book it in as revenue well before they have received any.

Bouris's pay packet is hefty at $750 k plus p.a. for such a small company. You would think he would take half of that to conserve cash and maybe have the balance provided by way of employee shares. That would provide much more confidence.

Macquarie have increased their shareholdings through placements. They have a vested interest though as they are providing the funding for the home loans.

Definitely a valid high growth company though.