Ann: Becoming a substantial holder from FOR, page-2

Widely respected small cap fund but their track record on software cos isn't too hot recently, held 10% of their listed fund in RKN until recently and their other holding GBT hasn't fared too well either. I'm guessing they're here because it's cheap on FY18 numbers but the forecast looks pretty risky to me as it implies a jump in revenues. Operating leverage is high so a relatively small miss on the top line could wipe out a big chunk of profit and a number of businesses in the group have only been recently acquired. Also less than half of revenue is recurring.