Ann: Appendix 3Y - Douglas Lingard, page-6

hi mate. it’s a complex process based on many individual indicators…. One primarily being vibrations in my ballsack ha ha

for IME looking at PME multiyear x multi bags run I suspect I sold ALC too early but at the same time their growth has been slow

hence the real truth to answering your question is not a specific price but the level of exponential growth in ARR sales v growth in SP and the relatively of these. so:

scenario 1: a massive run on SP in short term without much more ARR evidence (I would consider exit)

scenario 2: Aquila in the cloud ARR continues to add in step with SP leading to never being overvalued. Theoretically I could hold ‘forever’ as some as in SMSF but it gets to a $ point vs your life and circumstances where you would be silly not to Tap out (at least in part) at a certain level

the tough balance you need to constantly evaluate is current relative valuation versus bottling too early just because you have made some coin