Ann: Appendix 4C and Quarterly Activity Report, page-6

Some decent buying this afternoon after midday.

Tend to agree with Starscreen, they have another contract they have hinted will be announced this Quarter (must be OCBC) and then add the US Bank on top of that, both of which will draw 9Spokes closer to breakeven.

Importantly you would think that the Licence Fees are relative to the market they are entering, so the US fees should be significant and make a decent dent into the cash flow issue, having said that it would also need a similar level of commitment from the business.

I am also interested in User Growth, they have done well to get to 5ok and by my calcs should comfortably reach 100k by the end of the calendar year. Like any network, being able to monetise this (app purchases and other initiatives) will be crucial to making a big impact.

I still think the new Barclays venture capital unit could be a great cornerstone investor, with agreed licence fees and rights as part of the investment to expand Barclays small business dashboard into other key regions (ie: Africa) where 9Spokes might struggle to crack the market for some time.