Ann: Dragontail Enters Into Scheme Implementation Deed, page-89

My understanding from a back of the envelope calc was that if the stores contracted were provided with the product the ARR would be $100m. ‘Binding offtakes’ was how I thought of them, I assumed it would take a while to roll out but would eventually rerate to around $500m - $1b market cap and or attract interest from Uber eats, menu log ect as a takeover target due to the aggregating network effect. That was my investment case. Multiple companies I have held have been taken over either by private equity or a bigger company - always at less then the long term anticipated rerate price.