Ann: Consolidation/Split - LON, page-11

So let me get this straight Reilly, you’re lecturing us on cash-flow, while suggesting people should look at AHF instead? This is same company that reported an operating / investment cash flow loss of over $1.5m in the 12 months to December and the same company that posted close to a 20% fall in Revenue over the same period? I think this says it all really..

Conversely, in FY17 Paris Creek made (growing) sales of $18.6m off Sales & Marketing expenses of $290k. Frankly, Management could increase marketing ten-fold this year and they still wouldn’t be close to needing to raise cash. In terms of production, the capacity is already there and they can grow this over time in line with sales, rather than with huge capital injections in the next 12 months as you seem to suggest.

So sorry to see you out Reilly. But it does beg the question, if you’re not down-ramping and see value elsewhere, why are you still here?