Ann: FY23 Results Investor Presentation, page-5

Their debt is creeping up. Given they're already calling out interest rates and borrowings as a reason for the lower NPAT (and now they're presumably going to add to it with the buyback) one might reasonably ask where the money is going to come from for the future acquisitions they're flagging.

I'm still holding but if they want to keep acquiring I think they're going to need another raise at some point which means they'll need to get the market more on side than is presently the case.

Demonstrating they can deliver a decent return on the initial IPO price would be a good start.