Top 20 Shareholder List, page-8

Hi West Coast,

Acorn may have not sold out. In my communication with Kris a few months ago (when the share price had been sold down to 20 cents), he informed me that none of the top 4 holders had sold a single share. What MIGHT be the case re Acorn is that in the current Computershare Top 20 Holding list, Acorn's shares may possibly be in amongst the Nominee conpanies holdings. As an example, when you add up JP Morgan Nom. and UBS Nom., you get a very similar total to what Acorn had in your shareholding list. I'm finding it hard to verify this, as the old IBY announcements are no longer on the ASX website. I'd say if Acorn had been selling out, it would have started well before the price hit 20 cents, and reconfirming that Kris said there had been no selling from the top 4 holders when the price dropped to 20 cents.

E88 would be able to confirm if those nominee holders are actually Acorn.

I'm still as confused as others as to where the selling from mid/high 30's to the current price has came from !!

On another point that someone mentioned the other day about how long it has taken E88 to retrench staff, since all the group are now under one business umbrella. Speaking from personal experience, I was managing a division of an ASX 200 company a couple of years ago that were going through a similar process. Believe me, this is not a five minute job and the switch of a few buttons, it can take many months of "pain and suffering" . In the case of the company I was working with, there were many months of testing on backup servers before the system went live and when it was given the green light, it was implemented state by state to iron out any bugs or issues with use in the real world. There is always some degree of difference between how things look on a planned running sheet, as to when it hits the real world of dealing with staff who, although trained in the new system, have to actually use it as a live piece of equipment.

I have no idea on what the intricacies of the E88 system are but having an understanding of logistics, I do know it's not as simple as some people think. Especially when you are attempting to come up with the most cost effective and efficient service for the business.

Just my two bob's worth. Hope you all had a safe and happy Christmas and all the best for 2015!!