Ann: Half Yearly Report and Accounts, page-29

and yet I heard rumours last year of talks around the 20c mark…

i am not interested in a takeover and I suspect neither are most of those on here. I like to invest in small IT companies, for a small proportion of my portfolio, that I think have potential and watch them grow.

to be honest you can run the numbers until the cows come home, without the extra input the analysts get when they talk to the companies you basically have no idea and definitely no idea compared to the internal data and projections.

So I am not looking for some magic multiple from a takeover. Much more fun to see how they execute and grow the company over the next few years.

if they are successful then a takeover prior to 2028 is a very likely scenario.

I find your input interesting but you know we are allowed to ignore your negative take if we want to. Frustrating for you because you clearly believe your take is correct, but some of us believe a few more years will see a much better outcome. You might be right - service companies can get it hopelessly wrong.