Ann: 2024 Annual Report, page-2

As a LT holder of this stock I've been perpertually worried about technological advancements in the payments space that render SMP's capabilities obsolete.

(see here https://hotcopper.com.au/threads/ann-presentation-update.7389100/page-6?post_id=67877190)

I can go on a long winded spiel about how and why Australia and NZ (SMP's core markets) will be the last adopters of a new payments technology but it does not overly matter. Bypassing terminal fees is a question of whenand not if.

That said, I am a happy holder. I believe an adequate return is on the table if SMP can execute in NZ and begin returning capital to equity holders within say, the next 3-5 years, before any technological advancements threatens the terminal value of the stock.

MasterCard are doing their bit acting as a 'VC' funder for new starts in the payments space - see below.

https://www.paymentsdive.com/news/mastercard-visa-card-network-startups-accelerator/718339/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202024-06-10%20Payments%20Dive%20%5Bissue:62880%5D&utm_term=Payments%20Dive