Ann: Trading Update, page-5

I’m surprised by the size of the reaction.

The situation is clearly temporary and does not make sense long term.

From a political standpoint it is understandable why the visa has been left in place, given the tightness in the labour market and the focus on keeping inflation down. It is a good lever that the government controls, first sign of rising unemployment and this visa gets turned off.

Glenn is a great operator and has proven himself during the Covid period. This hurdle is nothing in comparison.

Everything for the investment thesis remains in place with NXD. This will likely result in being a long-term positive for NXD with further reduced competition and ability to acquire other operators cheaper.