Thanks Frank123. Always good to have a discussion with someone...

Thanks Frank123. Always good to have a discussion with someone who is logical!

This is how I see it again from the public information that is out there. There are three revenue models:

1. CAPEX: where Industrial customers such buy the lighting systems up front
2. Equipment Finance: fairly well known how that works
3. save and Share: Installation is free. Energy savings are split. This is a GOLD mine as the contracts are 8-10yrs and therefore the revenue becomes reoccurring annuity style which is highly attractive.

Iluma Lite is commercial as opposed to industrial: Shopping centres, car parks etc. A great acquisition as seen by the recent 4C.

The blue chip customers they are dealing with like Goodman Group (Global) and Linfox, Diageo, Asahi etc are massive names with massive warehouses and Distribution Centres.

I believe the save and share is a relatively new initiative so the upside to revenue is massive. I really like this company, management and growth profile.