Gana Media Group (LSE:GANA) — Estadio Gana update on registered users

0:00 For coming. Thanks for joining, and I'm really happy to update you all on the company's progress. We just got a few short slides, and then we're gonna go on to the q and a. And then I'll have to take any questions as always and answer anything you want. Basically, we completed our RTO of the Mexican sports betting business and the sports entertainment group, the study of Deportes. So that's the study of Deportes, the media business, and the study of GANA MEDIA Sports betting the casino business early January. And since then, we've set about growing both of those. And we're happy to report that it's been extremely, extremely, extremely positive six months. So we've widened and expanded both the content, the quality of content, the type of content, and the personnel as well at Estadio De Portis.

0:52 We've brought on some really good journalists. We've brought on Geraldo to lead the content team there, and he's done an incredible job. He's very famous in his own right in Mexico with over 1,000,000 followers. We've expanded the podcast, and that's gone really, really well. We've been very pleased with the progress. And alongside that, obviously, with the betting business, we've invested there in the quality of the team, in the product, in the consumer offering, to the broadest sense of the of the overall user experience. There's been a number of RNSs that we've put out that speak to that. And we've really been pushing both on the platforms, the people, the partnerships to really drive the funnel of take up and get quality conversions into the business.

1:40 And, obviously, we announced our figures couple of weeks ago, and we're extremely happy to say that we are performing above our targets, which is great. It's been really nice to see. Obviously, we've planning this for a long time. A lot of work has gone in. But now with the talent, the technology, the platform, the people, we've got ourselves really honestly in in into an incredible position.

2:07 The business trading well. Obviously, the World Cup has begun. Can't give any more publicly than we've come to given, but, obviously, our update was positive, and we'd expect that to continue well into the future. Our reach of social was increased significantly through the portals' channels. And we're leaving this month, and we're starting this month. We're leaving last month and starting this month in a great spot. You know, it's been extremely hard work from everybody in the team. It's not always easy to bring together these businesses and to grow them, especially as a public company. But the team's done an incredible job. Lorenzo working with Ramon and Carlos in Mexico have really you know, what what they've done there to bring all the elements together and grow the business has been outstanding.

2:58 And where we are now is in such a strong spot. We're in such a great position in the Mexican market. It's really it's really incredible. So that's where we are, trading incredibly well, business performing actually better than we even expected. And now it's just about optimization. The one thing I'll say actually is that in my view, we're we're probably only at 10% of where we could be. I mean, that's the exciting thing. That's the good and the bad. The good is we're doing better than expected already, and there's so much more to go. Imagine once we get to a 100%, but there's still a lot more we can do. So we we we we have so much more. We have so much more low low hanging fruit we can do on CRM, on loyalty programs, on conversions.

3:49 There there's so much we can do here that the future is really exciting. And, obviously, we recently did a small raise, and we're deploying that capital now into the market to take advantage of all the things we put on, whether it's the live streaming of games, to grow our audience, whether that's the apps. We've got Android launched, and now Apple has launched as well, influencer network. But we're now developing the team to harness all of that. The money is going into the market to amplify what we're doing to really take advantage of the great position that we've got ourselves in. And our metrics are are strong, as I said. So I think broadly speaking, we can expect to see a very positive second half to the year where we build upon the great I was gonna say foundations, but we're way beyond foundations now. The great growth that we're already getting.

4:41 And, hopefully hopefully soon, the share price should reflect the reality because at the moment, genuinely, it's become disconnected from reality of the business. It is what it is. But I can assure everybody we're everybody, the Mexicans, every shareholder is locked in. We're all locked in. All the GANA, the shareholders of GANA, the shareholders of the deportees. We are long term shareholders. Even Lorenzo, you know, he's a he's a long term shareholder. Everybody is aligned to a long term vision here of creating value. So we are absolutely focused on delivering, on optimizing, on being super efficient with our capital. You know, we don't raise tens of millions. We raise a bit, deploy it, and make sure it's efficient and optimal. And we try extremely hard. People work extremely long hours and work extremely hard, and sometimes it's easy to forget.

5:30 There's actually real humans behind the business, and we we push and push. The raise we just did was above market price. We don't do anything massively dilutive. We, you know, we try and act all the time in the best interest of shareholders. And we think at the moment, we actually offer exceptional value compared to any competitive comparable business in the marketplace. We're in a, in effect, closed market in Mexico because it's so hard to get a license, and it's one of the biggest and best markets in the world. So we we're in a great space there. So with that, I'm gonna move on to the quick q and a where I'll happily answer anything. Thank you. Are the uptakes and financials online with the company in line with the company's expectations that were mentioned in launch document in January?

6:17 Whereas we've announced we're above target. They're not only they're in line, they're above. We are we are performing better than we expected and significantly better. And we've announced that until to do an RNS, the numbers all need to be checked with the regulator. So you cannot so people sometimes, I think, don't know how the process works. We ourselves as a company cannot put out any RNS. We don't put it out. We send the document to the nomad. The nomad has to put it out for us. And to do that, we have to send verification on everything. So that is how an RNS process works. We ourselves cannot actually put out anything. I see that a study of GANA offering to every customer who registers blah blah blah. How many of the registrations have actually bet money? I would say almost all almost all of the registrations, if not I mean, 99 something 9% of all done.

7:11 No. They are definitely not a cash burn event. Absolutely not. And it doesn't really work that way because it's, three bets. So, actually, the actual capital is, like, almost zero. It's exposed on that. Next question. And it's commonly used tool as well, you know, in the in the industry. Our private users, how many of these registered users are private users? I mean, they're all individual users. They're all they're all individual people that that meet the requirements of the Mexican gambling license. So they all need to have a Mexican bank account or Mexican passport or Mexican national identity. So they have to meet the whatever the k they have to meet the KYC of the regulation. So these are all individual users that have to provide the relevant KYC documents to be onboarded and bet.

8:02 How is the casino gaming side going? Very well. I mean, very well. Gen generally, you know, much better than we expected. It's been a pleasant surprise because sometimes it doesn't always go that way, and it wasn't always that way. And I won't pretend there weren't difficulties. We've had to upgrade the platform. We've had to work extremely hard at coordinating everything and bringing everything together, and it's not without its difficulties and frictions. But we assessed everything in the first quarter. We made sure we did it right. We didn't rush. We didn't do anything stupid. We didn't waste any money. We did any everything based on analytics, data, and best advice we could get. We brought in world class leading people, people like Lorenzo on the gaming side, people like Geraldo on the content side, people that really know what they're doing and have deep respect and insight within the industry, and we listen to what they say. So, you know, you know, I myself, I'm not some gambling, you know, casino expert, but we we bring in people that have deep industry knowledge. And what we do is we listen, and then we try and deploy the capital in a way that it'll work. And and as it turns out, if you do that in a calm manner, you do that now, and I know there's always the share price and everything like that.

9:20 Generally, you know, we look at it as well thinking it's got disconnected from reality. How is has there been an interest contact from other betting gaming companies? Can't speak about that. Maybe. Mexican investors, how many free shares did you get to no free shares. Did you do d d it's where the investment yes. So so this is a bit bit of an odd question. Cornish certainly didn't. So let's be clear. There are no free shares given. All investors have to pay, and all that money has to be verified by independent auditors. All DD has to be done to meet the standards of the stock exchange, which we do not do ourselves. It's done by the regulator.

10:11 So to say things like that just is disconnected from reality of how an AIM company works. It is impossible take any money from anyone unless they meet all the legal requirements and provide all the relevant documentation to the regulator, whether it's passports, whether it's whatever, to meet those requirements. We cannot simply accept money from somebody. So and also, you know, our investment, we do a lot by direct subscription. And why do we do that? Because we have a good investor group. We have a very supportive investor group, and we don't wanna waste money with brokers if we don't have to. And And often brokers want you to do big, dilutive raises, and we do not have any track record of doing that. Lots of AIM companies you read about doing 50%, 20%, 30%, 80%. No. We just did a raise above market price.

11:01 Above market price. So that's why we do direct subscription. And those shares often go into sticky hands, and they don't get put back on the market. Whereas you go to a broker, the shareholders there could just flip the stock or whatever. So we try and do it in the best way, but absolutely every investor that comes in has to be DD'd and go and provide all the relevant documentation to the nomad. That is the only process that exists. Otherwise, you cannot take the money. Why haven't you updated the measure with the current income when you why did you haven't you updated investors with the current income when you did the placing? I don't really understand that. Because we obviously do our income at the year end. And as far as I'm aware, mean, I don't people don't normally up their income when they do placings. So why would we be the only company in the world that did that?

11:57 Congratulations on the continued growth. Registered users. My question is, what financial metrics should investors expect to see over the next two quarters to demonstrate user growth is translating into carton product business? More specifically, do you expect to reach breakeven in q four twenty twenty six? What KPIs are yeah. All the KPIs around deposits, ARPU, revenue. So this is a really good question. And, actually, those are the k so is a lot of the KPIs we look at. So it's not you know, we look at registrations. We look at bets. We look at the profitability of bets. We look at taking a $5 customer, converting to a $10 customer, $10 customer, $20 customer. We look at friends and family, grow out. We look at super recruiter, growing one user so that they can bring in other users so they're actually worth, you know, bringing this all, like, friends and family group. And we measure all of those metrics internally.

12:49 We're building out our KPI dashboards on a regular basis. I'd say every couple of weeks, they improve.

12:59 We measure GGR. We measure NGR. We we we measure many, many metrics, and we'll be looking forward to reporting on as many of those as we can based on industry what everyone else on the industry does. We have to be a bit careful not giving out too much competitive information, but we will happily provide because the figures are good. So we you know, it's great figures when we show them. We will happily provide I mean, we we have a very good not with public table. We have a very good GGR, ghost gaming revenue to NGR, net gaming revenue percentage. I would say significantly higher than the industry average. So we we've got good metrics. We track them internally, and when the appropriate time comes, we'll report them. But so far, so good. That's a great question. Registered users are growing well. Can you share how monetization per active user has evolved over the last two quarters?

13:50 And I see an improvement in economics as the user base scales. Yes. So, certainly, what's been really interesting to see as our database has grown, our data universe grown, and we've optimized the user journey and the user flow. And we've started to develop more the CRM, the customer relationship management, and the loyalty sites

14:15 to look at that monetization journey and extract, you more pesos per customer and more recurring and improving revenue. We are definitely seeing as we do expect to see, to be honest, like, obviously, to start improving metrics on all of that, improving economics as well on all of that. We expect to see significant growth and progress in that area. I myself are very passionate about the CRM, the loyalty, increasing the value of the customer, how much they spend, how much profit we make from those. So I'm very passionate about that, and we look forward to reporting on that. Given your current cash position and expected operating performance, do you believe the company has sufficient capital to reach full breakeven without raising additional fee? Yes. 100%.

15:02 So, you know, even before this one, yes, 100%. But now we're supercharging, so we'd expect to supersede what we were thinking about before. We are in a very, very, very strong position. Very strong position. Next question. Should investors expect the trading up to after the World Cup to include financial KPIs such as revenue, EBITDA, or cash flow rather than only operational metrics? Quite possibly. Possibly. I mean, we it it sort of aligns with our audit period. So our year end, we we will look to update definitely as soon as possible the market with a full update. Whether that aligns with our audit or not, we have to sort of check, but we're we're happy to do it. The news is good, basically. What do you believe will be the single biggest capital sorry, single biggest catalyst for a market rerating over the next six to twelve months?

15:55 Great. Good question. I mean, I I I think at some point, people will have to wake up and speak that we're grossly undervalued. I think why is that? I think we've I don't know. We were suspended for a long time during the RTO. So investors were maybe trapped in for nine months. Maybe we're a sentiment stock and people start going down, then they sell. We had, you know, investors may you know, not investors. We had people's maybe in in retail investors that were trapped in, as I said, over the RTO period. We have people that wanna move their money from because we went up a lot, remember. Our our share price went up a lot. So maybe they wanted to move our money from ours to someone else. We we we look at this internally quite a lot to try and find out why it's down.

16:44 But I think the catalyst will be we just keep reporting strong progress. And at some point, we have to rerate because any comp comparable comp oh, we'll get taken over for a $152,100,000,000. Someone will come in and just snap us up because the reality is you can't copy our business or start it again. It would cost you to have the brand to do it, like, $150,000,000, $200,000,000 to to get where we are. It's impossible. So someone if we don't rerate, someone's gonna buy us. Someone's gonna offer to buy us for much I mean, it's actually a bit weird at the moment, but if only we if only wishing could make it so. And we have strong support from our investor group. Hopefully, we just continue with our solid progress. At the moment, going very well. We keep pushing. We keep doing what we're doing, and I think the rerate has to come.

17:31 Or as I say, someone someone will buy us for much more than we're worth now for sure. Can shareholders reasonably expect the company to reach breakeven without requiring further equity fundraising? Yes. Supports to that. Follow-up on the June 22 updates. Do you have updated numbers for registered users, and can you disclose how many no. I can't obviously, not. I mean, we cannot update on this call anything that's not RNS. Then we only put an update up on June 22. Obviously, I I see the numbers every morning. So we have them, but we can't get into any of this publicly because it would actually be illegal. It would be inside information, and we have to disclose everything publicly. What is your strategy for funding the company's growth? Do believe your current financials are sufficient? Do you anticipate raising additional capital over the next few years?

18:23 Well, to break even, we have sufficient. If an opportunity arises I mean, actually, we get offered things that we can maybe buy. Acquisitions. We we get offered really interesting acquisitions, but we don't wanna do dilutive raises. We'll only ever do anything above market rate. We're like, you know, we don't like we don't have a track record of doing dilutive raises. So,

18:45 you know, only for opportunity. We don't need it for breakeven. We're in a very strong position. People want what's interesting is we've I mean, take the London market to one side. In in Mexico, we have an incredible success story. People look at what was achieved, and they wanna be part of it. They they see what we're doing. They see what we're doing there. They see the brand there. There's so much excitement. If we could translate the excitement and what's happening in Mexico to London somehow. You know, wish people could fly. I wish, you know, it was closer. The market was closer. Their people wanna be part of this group. They wanna join this project that we're doing. They are incredibly excited about it. So we have many opportunities, but certainly to if it's just breakeven, you know, with the current trading, for sure.

19:33 Once the business reaches sustainable cash generation, what would the capital allocation policy be, intending dividend payments, medium term rejection of the company? Yes. It is. I think it'll be both investment in growth and dividends. So we look we look to redeploy the capital, to grow the business, to maybe make acquisitions, and we certainly would look to pay dividends as soon as possible. Yes. The FIFA World Cup is clearly a major catalyst for the business. What is your strategy for sustaining growth and audience engagement once the tournament is over? Which business areas or product products would be the main focus post World Cup period? Very good question. So the World Cup, you're right. The World Cup is a great opportunity, not but it's but it's obviously it finishes soon. But the opportunity is really to grow the database, grow the brand, and then exactly, we have we've put in together a great program to extract the maximum out of out of the growth we we we're achieving during the World Cup. So the World Cup has been almost like a turbocharger, you know, like on a car that's turbo that's, you know, sped up our growth as as it turns out more than we expected, which is great.

20:41 We almost have a, like, a we've got actually, we've got we've got a sort of a buffet of riches at the moment in terms of options to follow. But what we're doing is with Lorenzo and Hiraldo and with the team, we're putting together a really good plan that's actually pretty much there now in terms of how we would develop post World Cup period. I mean, what I'll say is the Mexicans bound everything. So there's many sporting events. You have the football season starting. You have all the football leagues coming back. You know, you have American football, NBA. You have boxing. So there are a number I mean, obviously, we see the sporting calendar. We look at the sporting calendar throughout the entire year, and there are so many things you can pivot around. And it's very exciting, actually, the plans that we have for the second half of the year and beyond. So I think we've got really good plan. I think the team pretty much locked it there.

21:31 And the growth we've seen will only speed speed up our ability to take advantage of that. Next question. The company was valued as part of the takeover process. There's been a huge amount of changes since then. Has there been more recent val valuation of the company as a whole? Are you able to indicate or advise valuations, please? No. We haven't done any increased valuation. The only thing I saw on valuation is that we did look at comps a little while ago. The generally, the only thing we can find is it would cost to re to recreate what we've done would cost somewhere between 150,000,000 to $200,000,000. If you had to it's a closed market almost. You can't get another license. To get a brand. Remember, Estadio de Portes is a thirty year old brand that used to sponsor the lottery for almost two decades.

22:18 That brand is known to every single Mexican of betting age. It's really famous. We own that. We own the media. We are free advertisers. It's like we own Sky Sports. Or maybe not as big as Sky Sports, but it's similar equivalent. We put our advertising everywhere. We kicked out all the other betting advertisers. Now every interview they do with the with the sports staff, every interview on television, look, they have the microphone. It's Daddy O'GARNA. Everything is Daddy O'Gana. You know? So, you know, so so when we look at it in terms of any independent if you had to do this in scratch, it's a 150,000,000 to $200. You know? At some point, there has to be a rerate close to that. Or does it say someone buys us out for significantly more than we're valued now? Mobilegaming.com.

23:03 Next question. Mobilegaming.com sounds like it has huge potential. And there was a suggestion that the agent would be up and running by now. Is that close to being launched in what countries? Let's see first. Yes. It is close. We we did we're going a bit bigger on that. So we're taking our time to get it right. The good news is there's no rush because trading is going so well. Maybe it'd be sometimes a bit guilty of overthinking it, I suppose, on that. John is working extremely hard on that as well with me. And, actually, I'll just say, John had to attend some meetings today, so he's gonna try and dial in if possible. But I just wanna sort of add on this point before I forget that John and I work extremely closely together. And I haven't mentioned him so far, but John has been an extreme asset to the business, the chairman, John Barker.

23:54 And, you know, the amount of work and time that he puts in is enormous. So, you know, people should be very grateful to him for the time and effort he puts in. And he's helping a lot with that with his experience and his knowledge. So expect to see stuff on that soon. But it was just a good reminder for me as well to to say that you know, to thank him and explain to people that he worked extremely hard. Next one. Please explain the local Mexican revenue tax. Yeah. There's a, well, it's a public thing. There's a there's a tax on gambling, same as there is in The UK, same as everywhere. And it's just whatever rate they set, year on year, like a bit like in The UK, we pay that to the Mexican government. The local Mexican revenue tax is a gaming tax, like The UK has a tax on betting or tax whatever.

24:39 And it's applied to us. Similar to other companies, we had a bit of an advantage because as a new betting company, you can actually negotiate a better rate. So ours is a bit better. But broadly, it's already it's already factored in. So in all of our working capital models so everything you submit as part of the RTO and all of your working capital models as a public company, factored in. So it's just cost of doing business.

25:09 Great. The business is performing well, but the share price is coming at 17. We're down 45% in the six months. When will shareholders see a recovery? Hopefully, as soon as possible. I mean, we're working hard. You know? If only wishing made it so. I don't wanna keep going over and over it, but we think it's detached from reality. We ourselves we ourselves have all bought shares. We buy more shares. You know, we invest we invested at 20. We think it's a bargain. We put our money where our mouth is. None of us can sell our shares. We wanna get that share price to well over a penny. Mean, it's as simple as that. I think we've had really we had some really I don't wanna have a go at brokers, but I can tell you we had some really bad investors bought in for some of our brokers, not now, but for a couple of years ago.

25:56 And some of them were incredibly rude and not I'll just tell you, horrible people that were personally very offensive to me. The reality is some of these I mean, I'll just tell you know, the reality is some of these people, they want you to tell them something. And if you don't tell them something, they just get annoyed and sell the shares. They abuse you online after you make them and they sell out profit and still send you messages abusing you. So that's the reality, actually. I'll be a bit more honest than maybe most people. It's not pleasant after you you know, these people make money, and they're just so greedy. They wanna make more and more. And so we had some really bad investors that sold a lot of shares, we think. And they continue to try and maybe talk negatively about the company. But the fact is we internally put our money where our mouth is.

26:42 The business is performing great, and we expect to see as soon you know, we're gonna try and do a lot more financial PR. So one thing I can do better is I could probably do more financial PR. I don't you know, this is the first meeting I've done in a while. I don't do podcasts. You know, I don't I don't ever ramp the stock. Like, people can't accuse me of that. I don't ever do anything. I don't tweet. Don't do anything. So maybe, you know, I should I'll do more financial PR. I'm so focused on the business, so focused on driving efficiency, you know, optimizing everything, maybe I should do more financial PR. So I'll take them onboard, and the company will do more of that to get the message out because the message is very positive. Hopefully, that answers that. Is there anything happening on mobile gaming? Yes. We just discussed. There's a lot happening, and hopefully hopefully very soon, we stop up we stop overthinking that maybe and just just launched that.

27:34 When do you expect to be able to announce the company is profitable? As soon as possible. As soon as possible. I mean, look. There's two things here. Right? You could we could probably if you want to, know, you can sort of you can always artificially make a company profitable quickly, but it's not good for the long term. We want a company that's growing and profitable. We have a plan to deploy our capital in a way that delivers both growth and profit in the most timely and efficient manner to deliver good quality customers as well, and we're following that and executing that as as quickly as possible. The share next question. The share price won't match where you think where you think the business is without releases. When do you plan to update the market on financials? As soon as possible. It's our year end. We've got the audit. We'll update as soon as possible. I mean, look. We just put out numbers that show we're trading massively above target. I think since then, the share price has gone down. So people's guess is as good as mine sometimes.

28:31 You know, we we we look at it the same as the rest of you. You know? Trust me. When can we expect when can we expect some form of broken or forward looking statement? Soon. We're trying to update, research, or broken out, and we'd like to get something out soon because it's gonna be super positive. Next question. Can you help the market with some sort of forward guidance in the revenue or customer numbers? I mean, I you know, I'll be careful what I say, but we're performing way above target. Things are continuing go extremely well. I look at the daily numbers. Every time, every month, we sometimes you know, sometime I mean, we did a we did a I think we did a weekend a while ago where we took more than we did used to in some months.

29:18 I mean, some of the figures, you know, what you know? And I think we're starting to see, like, self perpetuating growth where there's so many customers now, they just tell their friends. So separate to any marketing we might do through a study of the borders or anything, It's just word-of-mouth now. So we're starting to see that word-of-mouth effect. But we're trying to get as much insight as possible on that. But we we will forward looking as as far as I can go, but pretty good. Are you cash positive or negative? Well, we're not in profit yet, but that's not our plan. So but, obviously, we'll we'll announce it from here. Can you can you any expansion beyond Mexico? We actually do have opportunities to expand beyond Mexico, but I think we're doing so well there.

30:07 I think we need to focus on what we've got. We've sort of we've sort of had the jackpole. I don't wanna it's bit ironic phrase, but we found ourselves in such a good position. We almost don't wanna do anything else at the moment. We're almost like, this is so good. We just need to if we could just we've hit, like, a massive oil well, basically. We just need to extract more oil from it. Just to keep growing the pipe and extracting more oil because the market in Mexico is enormous. We could we definitely have opportunities to go in a couple more countries that are good, but we're actually looking at thinking, hold on. If we just we first things first, let's just get profitability quick here. We can do it. We're we're performing better. So focus on where we are, and then we move on. But we definitely have opportunities to go there. But I think right now, we just you know, we have an open goal. We just need to literally just kick the ball through the net. So let's kick it through the net, and then we go, you know, just go some go to other nets.

31:01 How is how how levered is f compared to performance? How levered is f u twenty six company performance to Mexico going so far in the World Cup? I'm not sure if they mean compared, but, basically, we're performing above expectation. Private users, as as in the users not visible on the social part of GANA MEDIA GROUP What is the major difference of private versus public? I mean, we have loads more private. I mean, we I mean, obviously, we have loads more private than public users. Question. Regarding the private user question, I think they mean you can hide your identity, hence percentage, which is asked yet. I I won't give the exact percentage, but, obviously, we're much more private.

31:56 Are you seeing are you seeing competition from prediction? Well, you know, I mean, this we have plenty of competition, but the market's big enough. We can all win. I mean, we exist in a competitive market. We don't spend too long looking at the competition. We look at ourselves, but, obviously, we look we exist in a competitive ecosystem. But the good news is Mexico is such a big market that there's enough for everybody. Now we're not trying to be the number one in the market or anything like that.

32:28 Next question. Why was the share price so strong and well supported pre RTO? Trade is I seven. Paced the RTO. It's about good performance. There have been endless sellers and very few buyers in sight. Great question. Because we've had we've had a decent buying, especially from our investor group, but we've seen significant selling, we ask ourselves the same question. We look at maybe people there was a few there's people that may be in it for nine months and wanted to get out. People move their money because they think, oh, maybe it won't go up from seven, and then they see things that go we exist in an ecosystem of other shares maybe, maybe a sentiment. We had definitely a few quite, as I say, aggressive, nasty shareholders that were brought in through a broker that actually tried to manipulate our share price, especially when we came back from the RTO. I think I've talked on a previous podcast. One of them talked about smashing the stock.

33:24 His name is Philip Small. I'm happy to name him. He left a voice mail on my phone explaining to me how he was him and his mates were gonna well, you know, we're we're gonna try and do something with our price. So no problem. You know? You you get strange people, honestly. Inside the business, we just focus on what we're doing. We're doing very well. And I really from all the things I said before, hopefully soon it's back to where it wasn't over a penny. We have strong support. We ourselves buy. How's your goal of 75 k users now increased? Yes. We'll be way beyond that. That's been that's gonna be smashed. No problem. Like, definitely increased.

34:10 That's in the rearview mirror very shortly, actually. We have the lowest prices to RTO. What do you plan doing to turn around sentiment? I think one thing I can do more of, honestly, as critical, is more financial PR. Tell people what we're doing more. We do a lot of RNSs, so no one can accuse us of not having news flow. You know, we can't give out too much competitive information all the time or find out because we're public. You know, a lot of these betting companies don't give out anything. And we've gotta be careful because we're still relatively small about harming ourselves competitively in the market we operate. But I think I can do more to talk about what we're doing, more investor meetings, maybe more co podcast. I could be more proactive. I apologize if I'm not done enough so far. Genuinely, we've been extremely busy. Like, we're trying to, you know, grow this as best we can. So that's that's more what we can do.

35:01 And hopefully, the share price will go up. You know, I'll happily talk to anybody, answer any questions that I can legally, and speak to them about the business anytime. We're very open to people who wanna contact us. I always try and reply. I'm happy to speak to anybody on the phone. That's that's the reality of it. Is the bounce rate of users on GANA accurate below 20%? Yes. It's not high at all. Bounce rate is very good. When you continue to highlight GANA's monthly revenues reported in previous when you continue to highlight GANA's monthly revenues? And will this include casino gaming? I'm not sure. We don't we don't do monthly reporting, but we'll try and give out regular updates.

35:49 I think that does that maybe answer that question, I think? The market has clearly been dealing with a significant overhang. Can you comment on whether an off market disposal was explored with the seller? If not, why not? If anybody if they if people if if only we could find out who this who has been selling, we would love to talk to them. So if anybody knows, please feel free to contact us and put us in contact. We we definitely have been trying to discover if people have been selling. Feel free to let us know if you know who it is. No problem. We We would would definitely be able to take it. We'll happily buy ourselves shares. We we will happily literally buy ourselves shares from them. Very happy to make money from their shares. Next question. I'm hoping the share consolidation is not being considered currently.

36:41 What is the company's stance? Yeah. I mean, I'll be honest. During the RTO, we were pressured to do a share price consolidation. And we refused to do it. They wanted to do, like, a, I think, 18 to one or something nuts. And we said, no. We don't wanna do it. We have no plans to do it. And we fought very strongly back against the push for that from the regulatory side, but we we did have we did have to stand quite firm on that. But yeah. So no plans to do that. When you're ready next question. When you're ready to release detailed figures, can you please include or prerelease guide to valuing the company and metrics listed? Yeah. I mean, maybe. Mean, this is not a bad idea. I mean, like, what we're trying to do is we're trying to try I'm gonna try we're gonna try and get some research out that looks at comparables and explains how to value them.

37:30 Obviously, I mentioned before, I think our actual valuation is some like, again, to build it is somewhere between a 150 to $200,000,000. People could say, oh, blah blah blah. I mean, the value is in reality what's on the screen. Right? But, you know, that's what that's generally what we think it is. Next one. Surely, 120 is undervalued for a potential buyout. What do you think? We'd be happy with this amount. Well, 150 to 200 mil is what we think it would get to this stage. Generally is. If any buyout came in at that price, we put it to shareholders. As simple as that. I mean, that that is reality. I mean, you know, we could recommend it. We're a public company. I mean, our our our if John was speaking, he would say our aim is actually to get it to a billion dollar group.

38:15 We wanna get that's our actual target. John wants to do his third billion dollar exit. And, you know, I wanna see it over a penny. You know, we we're very ambitious. Like, we're really, really, really ambitious for where we wanna take this. Think of where we started. You know, I remember talking to people a few years ago about this. It was just a power point, an idea. You know, everything we've achieved with the capital we've raised and the great position we're in now, you know, where we can take it is wherever we want. We just need to kick the ball through what is pretty much an open net, not do anything stupid, just progress in an orderly manner using people that experts, using people that understand the industry, listening to what people say, and proceeding in a logical path, using capital in a very efficient way, and, know, watching what the data tells us, and that is it.

39:05 And and then we win. So we're we're trying to extract the most value possible for everyone, for all shareholders. And, you know, I I wish you know, for me, it's great when you see shareholders make money. No one likes to see shareholders lose money. I love it when I especially, you know, when it was higher, when you talk to shareholders that have made money or sold out, it's great to talk to them when it does. So we wanna we want that to happen. We wanna make everybody listening money. That's my job is to make you money, basically. And we wanna make ourselves money at some point as well, but later. That's for later in the day. Okay. Next question. Will England getting through tonight in the face of Mexico to a bit judge if if England play Mexico? Well, I don't know about that in terms of the business because it's already going well. But I tell you what, I I heard that if that England Mexico game in the Aztec will be the highest grossing expected to be the highest grossing single football match in the history of the world in terms of overall commercial value, maybe second only to the upcoming World Cup final. Maybe, who knows, depending on who's in that final, could supersede that. So from I what hear from my business partners in Mexico, this if in the winter night and they face Mexico or the Azteca, it will possibly be the highest grossing commercial football match in history. So let let's see.

40:21 With betting, there'll be a lot of betting. So, I mean, I guess the Mexicans will all bet on Mexico. So, hopefully, then England will win, which we hope. They'll beat Mexico, we'll make a fortune because all the bets on Mexico will lose. So so we'll definitely be hoping England win on that one. I can I can assure you? Okay. Next question. What would you say to the current investor who's 60% down, and what would say to potential investor looking to buy? I would say to a current investor who's down. I apologize. I mean, obviously, you must have come in right at the top to be down 60%. I mean, so for instance, we invested ourselves at six up. So I'm on that that shares, I'm down. Our investors are down. You have to have come in at the pretty much the top to be there. If you came in two years ago, you'd be still 400% up.

41:17 So it depends where you came in. You came in at $390.07, you're still up 2200% up or whatever depending on where you came in, 300% up. Came in at six, you're down. I would say, look. If you if you're down, stick with it because it's gonna go back up for sure because it has to because, you know, the world has to live in reality at some point. And if you're a new investor, I think but I mean, just buy it. I mean, you know, we bought it at two o just a couple of weeks ago. So we, you know, we clearly think it's a great investment. We think it's grossly undervalued on every metric. I'm happy to talk to any new investors that wanna have a conversation. I would encourage people to research the Mexican gaming market, research Mexico in general, their economy, their all the metrics of the Mexican market in terms of business, the place to operate.

42:06 I would look at comparable valuations, and any independent research that you see, any any time anyone spends looking looking at the market that we're in, looking at the position room will show. Any independent analysis that people do, if they take the time to do it, show that we are grossly undervalued. So I would say it's a great time to buy. Will England win the World Cup next question? Hopefully. I hope so. Will be great. I'm actually betting on that. So I think the best chance in my lifetime for us to win the World Cup. Mark, for you and the team, please keep up. Well, keep up the great work. Looking forward to the one p party. All the best, Dave. Thank you, Dave. We are all looking forward to that day. We were very close to that six hours thinking I thought I was thinking it was gonna you you know, know, little do I know. I thought maybe it would go up and we'd get there quicker, but we're definitely gonna get there.

42:53 We'll definitely get there. Hopefully, before the end of the year, we're there. And then by the time, you know, when we do a great celebration at some point this year. Next question. Last question, actually. Are the VIP offerings going? Much like the positive in Mexico you mentioned earlier. A little hard to grasp here in The UK. Going well. Going really well. We have actually it's interesting. So we have a good opportunity with VIPs. I'll explain it a little bit more. I'll explain. So our business partner, I'm on the NEMA family. They actually run the won the FIFA rights with one other company, the actual official rights to all the hospitality and VIP ticketing for the whole World Cup for every game. So they've amassed an incredible database of of high net worth VIPs that we have access to now. And how we ex extract the value from that is something that we are we have we have actually a couple of people just focused on that in the team, and we we are are doing that in a methodical, planned way. But we have we have actually access to a database that no one has because of our partners in Mexico.

43:56 So and we have a very specific plan about that, and they are super high net worths. Because Because trust me, if you could afford to pay these nuts prices, the fee for charging, you definitely have a lot of money, especially for the hospitality packages, which is, I think, absolutely crazy pricing in this World Cup. And with that, that's the last question that I can see. If there's anything else that people wanna ask after, please email. I'm happy to do another call anytime if there's demand. I wanna thank everybody that's an investor and shareholder. Whenever you came in, you know, we really appreciate it. We genuinely do. You know, I don't mind tough questions. I don't at all. We try extremely hard in the business. We work very hard. And this is executive team, the board.

44:42 We have a very flat structure. There's no politics. You know, if you could hear our internal conversations, I always speak with how we talk. We're always just, you know, focused on growing the business. You know, we try and do what's best all the time for shareholders. We don't do dilutive raises. We always look at how we can use cash in the most efficient way possible. And we, you know, we think we're you know, this should be an incredibly great second half of the year for us. We are in extremely strong position. Please all research the market. Encourage other people to look at what we're doing. Do their own research, and it will only lead you to one conclusion. Now is a great time to buy. We're grossly undervalued. And with the with the results and growth that we've already reported, people should think about what's to come in the second half of the year because it's gonna be very, very good for us. So with that, thank you, and appreciate everyone's time. And take care. Fantastic, Mark. Thank you very much indeed for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations.

45:52 On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon to you all.