Ann: FY17 Analyst Pack, page-15

Sold down because the result was below expectations. Spent $20.7m in the US and the net loss only decreased by $1.8m. That's disappointing. How much are they going to have to spend just to get to breakeven?

The problem no one is talking about is if Australian growth stalls then based on current US growth v US costs the net loss will increase, not decrease. So how much growth can they achieve in Australia to maintain the significant costs of the US.

They must have nearly spent the value of their market cap on US costs by now for no return.

Substantials are selling out as well.