Ann: Investor Presentation, page-37

Just on the ex directors, Gall only held 25c options so he's not a seller of shares, not unless he bought some on the market like everyone else. Campion left due to personal reasons, and the announcement of his departure had a statement expressing the hope that he might be able to return back to the board. Unless he needs the money, and yes that's possible I guess, there wouldn't seem to be any motivation for him to sell - certainly no animosity with the company.

Wardlaw did have 19M shares - that's what you're seeing listed as Panchito, but 12M of them were sold when the price was hovering around 5c. If he'd wanted to dump the remainder, the last few days would easily have given him enough volume to sell out completely.

Regarding their relationship with ANZ, its always difficult when a small company signs its first major client then realises too late that they've underquoted. ANZ have helped by paying a year in advance, and by nearly doubling their user base. I don't think that would have happened if they were unhappy with either the product or the service Knosys were providing. If KNO's directors wanted ANZ to take a stake I doubt there'd be a problem, but doing so might prove problematic if KNO wanted to sign deals with other Australian banks.

It seems KNO have learned their lesson & charged a more sensible fee for SingTel - obviously they'll have some work to do in order to keep this new large client happy, including rolling the product out, training materials, any customisation required, along with support staff. There'll be an increase in cost, and potentially they might be too short-handed to take on another customer at short notice. I'm guessing there of course as we have no information at all on how many staff KNO need to service each contract.

I'm sure they've already been knocking down doors elsewhere, as takes months if not years to land contracts like this. We don't know when the next one might be, or how big it is, but to me it looks like the core business is a sustainable one, and a profitable one once another client or two signs on the dotted line.