Ann: Notice of Extraordinary General Meeting/Proxy Form, page-70

From the recent announcement:

"The issue price will be not less than A$0.20. The actual issue price will bedetermined following the completion of a bookbuild and investorcommunication process currently being undertaken for the US PublicOffer."

So the US market is already being engaged. Their valuation of GMV is going to dictate our price, both in the short and long term.

Looking at the dilution, if GMV did the raise at A$0.25, this would mean there are 500m shares on issue. 500m x A$0.25 = A125m (market cap).

A$125m = USD$88m

That is a very small market cap, especially when you consider:

• They will own 50% of the HK entity, which has a minimum market cap of US$200m (so there holding in that entity would be US$100m without even taking into account US or Euro markets.

• Recent order of USD22m in US.

• Comparative companies (e.g, iRhythem) have market caps of US2b (GMV is a long way off them of course, but gives an indication of market size).

Based on these points, I think we will see US investors valuing GMV higher than US$88m, which will therefore increase the listing price of the Nasdaq shares.

I would have thought a minimum market cap would be US100m which is equal to the value of their holding in HK (assuming it does list as previously stated for a minimum of US200m and retaining 50% ownership).

Hopefully as the "bookbuild" builds up, the ASX share price reflects the increased interest from the US.