Ann: AGM Presentation to Shareholders, page-108

Talking of risk of non renewal.

It seems to me that GM will have the resources to minimise risk over the next few years. Taking the most bearish view that GM intend to replace the ontrac system with a MS based platform: it would be a firing offence to ditch a working system that your dealerships are familiar with, before having thoroughly tested anything new. Therefore even in this worst case scenario the small cost to continue the contract is worth paying.

That's the most bearish thing I can think of.

The hiring of a US based expert in the field suggests they have their sights on expansion, to me it seems clear they are trying to work out some detail or other.

In balance I think I'm in agreement with much of what has been said, except that management should be congratulated for running a tight business under a 'dynamic management structure' (lol) and not leaching cash as they could easily have done. The business is currently boring, I suspect that is what has put people off in 2020 when so many ASX opportunies were firing off.

I help run a business with similar FX risk, and I like what they are doing. Employing US based non execs is a smart move. Having said that (famous last words) the USD/AUD rates are stabilizing a bit now.