Ann: Acquisition of Silverlink and Capital Raising, page-91

I think we are giving too much credit to stockbrokers. ALC would have been working on this deal for a while, and as mentioned in the webinar, they cannot predict when a commercial agreement will land. And when it does, they do need to move fast to raise the necessary capital. General market volatility affecting stock prices are outside of their control. I imagine therefore higher discounts to protect further downside would be expected to gain sufficient institutional support quickly in this climate. They now have an acquisition that will take them into TCVs of $20-$30M and disrupt global monolithic EPR systems. And that fits perfectly the NHS criteria for digital transformation, is in the backdrop of huge NHS budget money for digital investment and as we enter more typical spending quarters/contract signing months. The rationale and strategy is clear. Look beyond short-term price fluctuations and the infinite theories of why the price went down and buckle up for the big picture and long-term gains.