Ann: Appendix 4C - December 2018, page-4

It is impossible to tell, but believe it's likely ARPU actually reduced last quarter. This trend may continue as existing users switch from the Global Plans to the cheaper Local ones. Especially given that the Flexishare option is only currently available to Local plans.

The hope would be that by enabling cheaper plans to be shared, causes larger bundles to be purchased. This should accelerate the rate of new customer acquisition.

For example: Last year Dad took the family to Europe and bought a FRX microchip with 1GB (for $30) and was continually bugged by the wife and kids to hotspot or lend his phone.

This year they decide to go ski in Japan.

Dad buys 10GB for $12.30 USD (valid for 24 days). He elects to stop the whinge factor and gets his wife and 2 kids each an FRX SIM and share the data. (costs him 3 x $5 for each SIM).

He comes out well ahead value wise and FRX get a similar revenue figure, but the ARPU has decreased significantly.

As for your CR suggestion, why on earth would you raise capital when there is absolutely no need?

I find your RHT observations interesting, a completely different industry, but another example of another tech minnow with a much higher valuation on much lower revenue and growth trajectory. At least they like FRX are actually making money!