large client lost, page-4

agreed in part it does explain the fall.

there is also a number of other things-

-profit at the bottom of the expected range
-slower than expected expansion into Asia
-the AUD up 6 cents against the USD - lots of income in USD
- rotation out of USD earning stocks.
-unwinding of high PE stock generally
-share price had been on a massive run, was overpriced at $9
-small cap managers selling out now the company has entered the ASX200. remember this was held mostly by institutions from the outset.

BTW - spoke to 2 analysts and 2 fund managers - all have covered the stock and/or owned it.
the ePCT issue is well known (has been since float - it was in the prospectus) and factored in. The issues above are more the concern at present.