Ann: TASK agrees to scheme agreement with PAR Technology, page-51

Ha ha. That was a fail. Couldn't find my Australian SRN number. The best plans of mice and men. Anyway, SRN is in the post now.

Just taking another look at PAR. Was wondering how they how they planned to finance the cash portion. There's no mention in the presentation. They have about $70m cash but that only comfortably funds about 12 months operations, prior to cash flow from the two acquisitions. The other acquisition has been funded by a specific placement. The first question on the Investor call was about this, they said plenty of time to sort it out (when clear on what cash portion is) and expected to fund internally based on the initiatives outlined in the 10k. Looking at that 10k, they are proposing to sell the Govt Defence contracting business. That is a big business, about a third of PAR revenue, so US$139m and actually fast growing in recent years anyway, 49% growth in FY23 vs only 5% for the retail business. That could be very substantial sale, expected fairly soon if Task is going to close early in the second half of the calendar year. (Not sure how much of that revenue is recurring but PAR trades at about 12x ARR). Perhaps that is why there seems to be such a confident bid from, I assume arb funds, around the cash price of AUD80c. They also have fairly short dated convertibles, which may be get sorted by sale of the Defence division as well.

So, there is plenty going on that could drive another spike up in TASK.