Ann: AGM Presentation, page-7

One other thing - this q was even higher for costs it seems, however they are suggesting staff costs for q2 17 will be $5m, advertising and marketing 500k, and Admin and corporate costs $3.5m. Total outflows excl investments was about $34m. Q4 outflows they say will be about $27m. Hopefully we will see signs in q2 that costs are plateauing or reducing, and we are not ascending into the Himalayas. Does not sound like much of the cost base is one off - so returns need to be higher to justify it.