Ann: Completion of Share Purchase Plan, page-12

G'day mate, I agree that the opportunity is immense, however, there is a long way to go and no doubt many challenges will be faced by the business - and us as shareholders. As you rightly identify, the share price reflects investor sentiment and not fundamentals.

I doubt any rational investor would even try to suggest the business itself is in an inferior position compared to when it was trading at its all time highs, pre Nucleus Cyber acquisition (and subsequent growth showing cross selling opportunities that have arisen since), pre cp.Protect and cp.Discover acquisitions, pre landmark contract with Australian Department of Defence, pre AUKUS, pre exposure to EMEA, pre the sales team that has been accumulated, pre Microsoft co-sell arrangement, pre inaugural cashflow positive quarter, pre strong continued revenue growth, etc.

Buffett's quote, "The key is that the stock market basically just sets prices, so it exists to serve you, not instruct you" comes to mind.

I don't think any investor should be looking at the current price and be feeling despondent, unless you're simply looking to trade pieces of paper over short time periods.

If the business' fundamentals change for the worse, I'm comfortable changing my position, but at this stage, there is little to suggest the fundamentals now are inferior to 3 months ago, 6 months ago, or over 12 months ago when AR9 was trading at its all time highs.

To this end, I'm reminded of Munger's quote "The big money is not in the buying or selling, but in the waiting". SOYA.