top 10, page-4

Thanks Whatsnext, I will provide some comments once the report is released and also look forward to hearing your views.

Sangoma, in relation to high debt levels, I am certainly not concerned. You need to remember that FSA are also in the business of home loan lending, business lending and personal loan lending. The vast majority of these funds are borrowed to FSA by Westpac and high end investors.

I believe the 2013 annual report breaks the borrowings into financing liabilities and borrowings. My understanding is that financial liabilities are borrowings to fund their loan pools.

Looking at the borrowings that are not associated with a loan pool, the combined current and non-current borrowings decreased in a year from $6,383,234 to $3,660,909 as at 30 June 2013. Not a bad effort considering an amount of $3,232,688 was spent on the share buyback during that year and healthy dividends were paid.

Given the buyback has stalled; I will certainly look to see if further debt has been repaid. Will also look at their cash levels. I probably also should have included any increase in revenue in my top 10. Given there is going to be a substantial increase in their profit, there will certainly be an increase in revenue.