Ann: Becoming a substantial holder, page-27

Imo its uncertainty around Track performance. There's no doubt about Q&A growth its been very consistent, and even margins have at least been maintained or improved for Q&A (if I interpret correctly). They have shown 2 quarters of debt repayment and now net debt is much lower, so I don't think its the debt per se. I think its Track.

I think we'll see a re-rate when the company can actually boast about Track performance like it does about Q&A. If they can't do that, a re-rate will take longer (imo), or at least when debt is paid down completely (particularly vendor debt).

Cheers, Sharks.