Ann: Q3 FY23 Quarterly Activities Report and Appendix 4C, page-10

A surprisingly good result. They are still ticking a way getting new contracts and contract renewals under the reporting threshold, including in NZ. They are clear about the stabilisation in costs and no need for capital raise. Q4 will be big with a hint that some of this revenue will just be recognised in the next FY. The timing delay in procurement is sector wide, not a company specific issue and a short-term delay I think we can deal with. To me nothing changes, thesis intact, be patient, operating leverage with jaws opening on the way. The modular EPR strategy makes a lot of sense, by the time a monolithic EPR strategy gets executed things change and you are stuck with dated, less agile systems.