Ann: DIRECTORS ESCROW 91% OF HOLDINGS, page-43

I think early on they were spruiking 450GW (~$100mil revenue) by 2020 as a target but there have been no such predictions recently. Given that GW under management sits at about 150GW at present they need to average >10GW month of conversions to hit this target by mid 2020. With there own forecasts predicting only stable ~6GW month conversions there is a diminishing chance that they will get to 450GW in that original timeframe. This is in the absence of any information on how they actually plan to ramp up GW conversions and info is lacking on expansion plans interstate (though they do manage some NSW strata, expansion has not been persued very aggressively).

Don't get me wrong, I think the business model is sound, they have a good pipeline of conversions in the queue and are making a good margin but for the market to get excited I think we need more info on the future roadmap and not just the prediction of 6GW conversions for the foreseeable future.