Ann: Investor conference presentation, page-19

that helps to explain it.

obviously q4 will be relatively weak (why would you try signing up new clients at 50% take rates, when if you wait until July 1, you get 100%), but I wouldn’t be surprised if they’ve got a few clients ready to go now the new deal is 100% to scl.

so I fully expect the 4c to be average which may weigh on sentiment, but it wouldn’t surprise me if we get a few more deals like the one with ISHCMC.

have been surprised by the reasonable liquidity of the last month (tax loss selling I guess), so I may have climbed into a lobster pot but we’ll see