Ann: Business update, page-9

Not the best announcement that I've been hoping for but also not the worst by a long shot. My immediate take:
1. The 10% reduction - arguably the business shouldn't have this much excess if managed well on an ongoing basis. However it is a positive spin that excites punters. However practically if there is a buy out we'll never see the results of any opex reduction.
2. Modus integration - a good reminder that there is some upside to previous years
3. Gartner recognition - meaningless in my opinion. These "awards" are commercially motivated usually and meaningless unless linked to the company's financials or independent metrics. Ego can be a dirty word....
4. Potential control -
THIS SHOULD HAVE BEEN THE FIRST ITEM AND IN BOLD CAPITALS AS IT IS THE MESSAGE OF THIS ANNOUNCEMENT.
Multiple interests, data room being exercised, etc. All very reassuring. Only regrettable phrase (used twice) is "best interests of all shareholders" Suggest this expression has become tarnished wrt BTH and should be omitted in future comms.
5. Forecast FY24 - upbeat and gives some positive outlook in the event that a take over doesn't progress.

What I would have liked to have read is that in the event that a binding and unconditional bid is not presented before the AGM then a summary of bids will be presented at the AGM for transparency etc etc. I'm not liking this wall between the bidders and shareholders...