Ann: Appendix 4D and Interim Report, page-13

I don't shout. I think that getting different opinions are great for assisting in valuation of these assets. Getting the value and the potential correct is critical for everyone. My largest losses have been when management have talked something up way beyond its true potential and when that becomes clear it overshoots to the downside.

I took your comments onboard. No doubt in my earlier days and when this looked like a technology driven company. Never in my dreams at that stage did I see PBN's as being its main source of income. Then the bad smell of these PBN's started to flow back to Auz from UK. They lost ASDA and at the time it looked like the relationship soured on the back of angry customers - the contract went to Parking Eye and I found out that Parking Eye had been acquired by a Macquarie vehicle for GBP235 Million in 2018. Since taking over the ASDA contract Parking Eye has become the villain and the same bad reports from customers are all over the net. They also lost Matalan around the same time - roughly 2014/2015.

Their share price dropped to under 10c at that time.

They do have site/customer churn but it runs about 5 new to each 1 lost.

The UK senior management had a shake up in 2018 which had resulted from misconduct of senior executives. When this news boke the share price dropped 44% in one day and climbed roughly 18% the next day.

Where my research differs from yours is that actual experience suggests that the contracts are stickier than you think. The property owner gets an offer of zero upfront cost and gets the parking revenue and SPZ gets the hassle and upfront costs of the system including hardware. So really to change supplier you have to be unhappy or have changed circumstances.

An interesting and different way to look at this is that of its cash flow: in the half year $4.7 million free cash flow and of that expenditure of $3 million in capex (read hardware for sites) and repurchased $500K shares and continued to repay the UK Covid loan.

Given that the market cap runs around $80 million. So you look like you have a runway of at least growth of 7.5%. not efficient or accurate measure but if they stopped you would generate $6 million more cash each year.

Are we going into a much lower growth era and is this type of growth going to excite people ?.

*** covers this stock and has management meetings with SPZ that are broadcast. They are a closed group but every so often allow new memberships

.SPZ try to avoid selling hardware these day and are far more of a SaaS supplier. The back ends to the ANPR camera software plus parking management software are all proprietary to them.