Ann: Conference Presentation and Trading Update, page-23

This is certainly the view of the herd at the moment, but I have seen too many big boys capitulate a stock due to market uncertainty. In this case, it is the interest rate / inflationary cycle, and the outstanding court cases that is driving the negative sentiment to where it is now for Nuix.

The current price is approaching ‘silly’. This is a fantastic product that is still providing a vast and diverse amount of loyal customers the superior service they need, and with the consumption model pivot playing out - revenue has dropped. But at the current revenue and quality of product, this company deserves a price, particularly in a world of compounding diverse and complicated data YoY growth. This is a trend that I believe industry and the markets will need to manage in coming years, which is why I believe this Nuix story is either a performance rebound story - or a takeover story.

I don’t even think Macquarie can survive the public relations tarnish of taking offer the company now at a garage sale. But they will sell - and I believe do everything to maximise the return…..and so they should for their Macquarie shareholders and their remaining stake.

Either way - there is a better price for Nuix to where it sits now, Just my view - DYOR