Half Year Report 2011, page-12

Hi Frank

Yes, i think the end of the mining boom and the end of CDDS were very big factors behind the zero organic growth from FY14-17, and I wouldn't be holding ONT if i thought this was a zero organic growth business into perpetuity because paying ~12x EBITDA for a zero organic growth business doesn't make sense almost regardless of what one assumes with regard to future acquisition rates - i don't think "praying for the best" is a valid investment strategy, and i'm atheist at any rate.

I will be paying closer attention than i normally would to FY18's results - i estimate the EBITDA run-rate for FY18, adjusted for FY17 acquisitions, is $12.8m - if ONT doesn't hit that number, i'd seriously revisit my reasons for holding.

I briefly looked at PSQ when it floated a few years ago, but haven't looked since. Very different businesses - PSQ is growing by opening new practices, ONT grows by acquiring.