Ann: Clarification of market announcement, page-16

When looking at the accounts the the thing to note is that half of the revenue is a NPV figure for the future commission payments. $30m for 2018 and $20m for the previous year. On a cash basis they lost money in 2018. They are currently losing cash even without any impacts of not selling.

While it is obviously acceptable accounting approach to account for revenue not yet earned this way, it is not how I would value a business if I was investing my house on it, and I would really want to know the underlying assumptions.

In short, my interpretati9n of the accounts is that this is a company that was losing money - on cash basis - in order to build up an asset that they were valuing as being far greater than the accumulated losses. This asset is now less certain in value. That is the real problem.

Just my quick read of the numbers.