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Ann: Appendix 4C and Commentary, page-7

  1. 1,252 Posts.
    lightbulb Created with Sketch. 19
    A couple of bear points make me a little uneasy:

    1 A chunk of shares coming out of escrow shortly.

    2 Falling retention rate. They have guided this to be stable but yet to be confirmed. A figure in the mid 80s isn't that good and will be a major drag on growth as they scale.
 
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