Ann: Rights Issue to Fund Product Development, page-4

I guess I'm loathe to trust that this raise will deliver good returns since $18m (albeit half in shares at 23 cents each) was splashed on Arte mobile which was meant to generate $2.2m npat yet group PBT was $1.5m last year. You look at the likes of mbe, cm8 and you question how they could have paid such a high multiple for this type of business in the first place especially given the emerging market risk.

Now they are rolling out mobile wallet technology - that's not a competitive space at all