Ann: Change in substantial holding, page-39

Competitors? Well there are quite a few in ES space with each skirting slight variations of RAD software apps so it's hard to nail down one direct competitor precisely. Their recent acquisitions have only made direct comparisons all that much harder and since they're coupled with MSFT you'd need to find coys allied with a comparable juggernaut - again difficult.

As for the NASDAQ listing - "Raising comparable public funds in the much larger and competitive US market has tended to be challenging for companies at the development stage, whereas investors on ASX have shown to be more receptive to providing early-stage capital."

Also, if you've listened to Karl at any length, you've no doubt heard him repeatedly express a desire to list on the NASDAQ in the future. Which leads us to...

"Prelude to a Nasdaq listing?
If a listing on a major US market, such as the Nasdaq, is a future goal for a US issuer, an existing listing on ASX poses no hindrance to entry into the US markets."

Hope that helps.