Ann: Addendum to Notice of Annual General Meeting, page-4

This was never a material enough reason to sell, to put it into context the dilution even under the old plan was just ~3% p.a. in total over the 2y FY23+24. This plan is down to ~2% p.a. now. Put that in the context of their growth rates being in the high double digits and even bordering on triple digits, it's not thesis-breaking material.



In saying that, this is a delicate case that requires some monitoring as there is questionable tactics from time to time so correcting this plan is an example of one such thing to hold them to account.

But if you're here for the ride to soak up the Family Law sandbox with wildly cheap M&A and industry leading processes, one would suspect that will take some time, even at the rate of execution we have seen to date.