Ann: FY22 Q2 Quarterly Activities Report and Appendix 4C, page-248

I'm quite optimistic about LVT. The main two positive takeaways I saw from the most recent announcement was:

• Cash flow positive
• Ample cash reserves

The only concern I have as stated in my previous comment is the lack of growth and we'll need to keep an eye on that. Karl & co just need to focus on selling and synergising the businesses that they own and prove that they can sustainably grow the business.

If they can prove that they can keep growing at around 15-20% net ARR, there is no reason in mind that there shouldn't be a rerating in the market cap to something that resembles a traditional SaaS valuation (6-10X ARR). That is the potential upside that we all see and I think it wholly depends on growth at this stage.