Ann: Appendix 3B-FRX.AX, page-2

Performance rights representing 2% of the company for the CEO if the business achieves a Revenue of A$12m for y/e March 2017.

Seems like a pretty low target to me, 12m equiv FY16 was A$8m from the old business (A$6m over the 9/mths, mostly corporate), and includes nothing from FlexiroamX..

Given FRX have been handing out plenty of free data - that can only be activated via US$15 subscription and postage packages, this could be achieved by as few as 200,000 people activating their SIMs

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I used FlexiroamX through 3 countries a couple of weeks ago and it worked well.

My only thoughts - would also like the option of a standalone SIM (I generally use dual SIM phones) as the sticker is a little fragile (my first one failed within three days of receiving)

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As a potential investor my main query is about the long term business model.

You don't make much on $15/yr - so they really need people buying their topup packs -- of which there are now three.

I also question there advertising of up to 100 GB free -- I got on early and have earnt over 2GB, although missed most of the Olympics as was in Europe and they were at silly times (promos were announced 24hrs out and had a window of 1hr) -- but even over the Olympics I think they have away 800Mb, and since then only 100Mb on the Tripadvisor promotion -- ie there is not much being given out -- so I just can't see how anyone could feasibly get to 100GB...

They have also introduced 'level' bonuses under their 'Get a Friend' offer - the 2nd level requires 10 signups, which i doubt many will achieve and doesn't provide much of an incentive.

So I think they really need to decide whether they are a Paid roaming company, or a Free model in which case they need more sponsors/offers on board.