Overall I'm comfortable with this raise, mostly based on my...

Overall I'm comfortable with this raise, mostly based on my history with Rob.

In context, they raised $20m @ 70c in late 2016, $70m @ $1.60 in late 2018, and now $2.77.

They have been clear and consistent in their stated use of funds, ramping up sales & marketing each time and allowing STCR to get back to 100% before going some more. I think that's as prudent as you can get -- basically apply more capital for as long as you can keep accelerating growth.

The one blip in their track record was December 2019/January 2020 period when they had the 3 big churn events in the US, and also increased churn in AU. There wasn't a lot they could have done about the US and I believe they've addressed the AU (loss of focus) issue.

As with previous raises, some smaller shareholders are frustrated that no prior indication was given of an upcoming raise. In particular the business was on track to running to "proper" cashflow breakeven and many interpreted that as "no need to raise capital". But as explained above with the STCR, if you can apply capital to accelerate growth, and the TAM is huge, you should do it.

This same pattern occurred in the 2018 raise. The business had pretty much reached cashflow breakeven and they tried to point that out in the halves following the raise by splitting out costs pre-raise vs the increase in costs post-raise used to accelerate growth.

I understand the frustration of a lot of shareholders because new funds are always being applied so it's never been possible to compare like for like and see that the business has been or is clearly profitable. Superficially it looks like costs keep growing and therefore the business may never actually reach profitability, necessitating perpetual capital raises, when (at least in my mind) the reality is the other way.

IMHO this is a great time to top up. Shorters and market manipulators are having a field day shaking loose anyone who's nervous.

As SynQuasi said above: "they have just become a more resilient company". Minimum of $107m in the bank after this raise, irrespective of the SPP. Don't get played.