re: what...no one reporting back - magoo Hi Magoo,Thank you for...

re: what...no one reporting back - magoo Hi Magoo,

Thank you for your notes on the AGM. As I was unable to attend, I was grateful for you feedback.

May I just correct one of the points you made from your notes at the AGM...

You wrote...

Point 4. Target roll out of another 25,000 rooms this year @ approx $785 per room– brings total rooms to 57,000 and annual room revenue by my calculations to $44.7mill

The figure of $785 does NOT refer to the revenue that they earn per room but the valuation that would be reasonably expected were the company the subject of a takeover

Currently, the valuation of the company in such a situation is $25m but, should the number of rooms increase to 57,000 then, shareholders should expect a takeover off in the region of $44.7m

I further refer you to a communication I had with peter dykes on 22 April and which I posted on this and the sharescene forum. Peter Dykes said to me that...

"I suggest that you have a look at a transaction announced yesterday, the acquisition of 65% of Maginet, the largest VOD player in the Asia/Pacific market with approx 140,000 rooms. The deal was for approx $70M, valuing the business @ approx $110M or $785/room.

This values the EMT business, based on 32,000 rooms @ approx $25M."

With respect to revenue forecast, I expect to ETC to earn approx $3m iin the current quarter based on current number of rooms (32,000). It is too early to say what the net earnings will be on this revenue figure.

I have purchased a few more and will continue to hold for the time being.