Ann: Appointment of CFO and Change of Company Secretary, page-17

okay so they had 385 schools at end of 2019 and 351 at start and sold to 116 new schools in the year so seems lost 82 schools

so churn of >23% of schools in 2019. at start of ISS deal in late 2018 they said they would have 380 so in truth probs alot worse than 23% churn

B2B SAAS cos should be targeting max 5% churn so >23%++ screams major issues with product and/or val proposition

now school #s back downs to 350 so back to start of 2018. covid or not too many customers arent seeing the benefits of staying engaged

btw you are right that co has not clearly set out churn % but all info above took about 5mins to get from the ISS deal ann and Dec 2019 4C and 4E so not exactly hard to research. no doubt faria would have run these numbers also which would be why they didnt pay more for 20% than $9 mil precash valn. picture is now way worse than then so probs wouldnt pay that much now.

as for current Q sales so far therse no newsflow and they could have given update of post-Sep sales Q last week and didnt. only abt 6 weeks to Xmas. how do you get to 400++ by end of Dec?