Ann: Change in substantial holding, page-61

There is a no. of small cap funds that have done their research on EML and hold a position. There are also funds cashing up across the board in small caps leading to the selling pressure along with around 1.8M short positions. The interesting aspect about EML is you can do a valuation on them 2 years out with the current deals they have signed which is higher than today's price. Then there are deals they have signed we don't know about ( Tom doesnt bother to announce every deal ) and new deals they will sign over the next two years. Just yesterday I come across more information on the CrownBet deal with Clubs NSW that Tabcorp lost out on. The 10 year deal will allow clubs to earn commission on bets made with CrownBet by their members in NSW venues. The agreement will also see CrownBet have the ability to install its ATM style machines in clubs to allow members to withdraw their winnings rather then transfer them to personal bank accounts. Under the proposal the incentive for punters to bet with CrownBet will be to earn club loyalty points that can be redeemed for food and drink purchases at each venue. We know Crown is a client of EML and also a client of Paywith now.