Ann: Daily share buy-back notice - Appendix 3E, page-4

Hi Thunderhead,

Just wondering what your investment thesis is? I am finding the business is tantalising, but modeling difficult. For example, the 2017 annual report states: "carry-forward tax losses and credits available in various jurisdictions to offset future taxable profits" In the subsequent half (Dec17) the company declared a tax expense of 27% of PBT, without any commentary.

General trends are positive but lumpy. I listened to an analyst this week state that the business has recently changed form a contract style to a subscription style model which should remove theses swings but I haven't read anything from the company that confirms this. Any thoughts?