On the face of it, a lack lustre update (especially when...

On the face of it, a lack lustre update (especially when compared to the frothy nature of the last one)... Albeit, we are at least being updated, a huge improvement over the previous BOD's.

However, reading between the lines, a few observations imo:

Any further funding to be accretive not dilutive to current SH's - this could mean raising out of the question until much higher SP levels, or simply that there won't be a CR or SPP / rights issue that causes current SH's to be diluted or pony up - perhaps a hint that all future funding can be tapped by extending existing facilities or creating new ones with current lenders (especially given the hints around the increased revenues from AEM).

No real updates from Ross as to his last 4 week stint in the US - I take this as a positive... Both American and South West were present at the last Delta install - it wouldn't be a stretch to imagine they'd be some tight NDAs in place if commercial in confidence discussions are afoot. Not to mention last update "in the process of confirming details of commercial agmt with Delta - again, commercial in confidence for now no doubt.

Discussion with Boeing to expand the set of applications for the 737 frames - no update here, but again I can almost guarantee that this has moved over the course of a month (forwards or backwards is anyones guess).

Further, in the last update Ross explicitly highlighted the fact he was to be traipsing around US meeting with the various interested parties and work streams and progressing commercial discussions with MRO partners - again, sensitive discussions that are less likely to be disclosed the further they advance (until sign off of course).

Would have been nice to know the current state of play with the Delta roll out (last update 23 out of 71 Delta installations completed), but perhaps more to come later this month on that.

In short, much of the time sensitive issues completely out of their control so any updates are welcome, but I cant help but think Ross is keeping his powder dry for the FY23 update due Monday 31st (3 weeks away) - giving a near 2 month time window since the comprehensive update released on 6th June.

Time will tell, and I for one am happy to patiently wait (and I quote) "to be rewarded". I remain confident in Ross, the BOD's and the management team's ability to deliver the APB certification and monetise it effectively.

All in my opinion,

Good luck to all holders!

Powerage.