Ann: Appendix 4E & Financial Statements Year Ended 30 June 2014, page-4

I think 5-6x EBITDA for a business like WRR is fair value, the issue is the longevity of earnings growth for this business and thats the reason funds may be hesitant to get on board. The core business has never reached scale so the OEM deal for GO in my view represents the opportunity for WRR to achieve this, as the core business is around break even so GO is all upside. So the key now is moderate to very successful performance of GO and then for WRR to win some similar sized OEM deals, if they can do that it goes from a trade to an investment. At the moment I only have a very small amount of WRR that I picked up in the rights issue but wouldn't be surprised to see them win a deal before years end.