Ann: Appendix 4C - quarterly, page-10

I can tell you confidently that the leave entitlements are from staff turn over due to poor management and cultur - long serving employees who arep pulling the pin. I can also tell you there's more to come, from key personnel who were capable of driving growth, leaving only the chumps behind.

They will keep buying businesses, hence the CR, but make no mistake, their ability to organically grow the business is practically non existent and the tech and solutions they are investing in will be obsolete before they get a remotely working model.

I am close with a number of people across a number of those organisations and have first hand knowledge so this is not downramping, simply my view of the world and what I consider a warning (the same I would love to see if I was invested in something).

As with my stake in QFE, you can choose to ignore the naysayers and hold/buy in/buy more and that's completely fine, this is just another piece of info you can choose to utilise in your research

Best of luck gents.