Ann: March 2021 Quarterly Report and Appendix 4C, page-25

Good discussion, and welcome distraction from the shareprice plummet.

I'm with Logic on this argument. The VET is more exciting as the margin is fatter, the competition is no where and at scale it is likely to be an enduring moat. I see RCL as much a roll-up play as I do a SaaS offering.

The SaaS stuff is much skinnier margin and prone to competition and churn. It has already been demonstrated in the reseller number drop and the loss of 3 direct school this years. If the software was that compelling, the reseller being shambolic would not matter, the schools would endure, surely?

Tertiary colleges I actually think would be a more compelling target for the ereader side of the business. For anyone not familiar, go read up on SIT and its troubles with its HELP claims. A whole bunch of these operators got pinged for claiming HELP payment for courses which the gov said had insufficient student engagement. Readcloud solves that problem by providing an easy and immediate measure of student engagement with course material. I am sure schools like this feature too, but for tertiary providers it is critical to ensure they get their HELP cheques paid. Heck, maybe RCL should be in the government's ear shouting that they have a solution to this problem.

Anyway, just sidetracked. Anything to not look at the share price I guess.