Ann: Quarterly Report & Appendix 4C - March 2014 , page-2

re: Ann: Quarterly Report & Appendix 4C - Mar... Always like seeing 4C's. This one raises a few questions but not overly worried.

After the Medivet purchase and capital raising I thought all debts had been repaid last quarter but the extra this quarter was probably in Medivet business. Going forward this has to lower interest costs adding to cash flows.

We don't have balance sheet but asume MLA is now debt free across the business.

Not surprising there were some one off cash cost in merging businesses and reading between the lines the underlying business seems to be cash flow positive.

On a positive note the sales team seems to have been rebuilt.

The question is how quickly sales will come through but there seems to be breathing space with cash in hand.

IMHO, DYOR etc