Ann: Investor Presentation - Takeover Offer for Healius, page-7

First things first, Kodus to the Oz(Bridget Carter) for bringing this to attention well in advance. Post #:66020864

Just my thoughts below...A lot to digest from both sides of the registry but this is the timeframe we are working with. Doesn't look rushed which is a good sign.

Before we look at the merits of the marriage. I like to look at both companies individually. Good thing I already have a peer comparison on both companies per Post #:66113534. I've always found ACL to be the cheaper of the two. In fact ACL is the best value play in this sector... see below


This lead me to believe that ACL was in for a positive re-rate post FY earnings. Which we have a seen a small fraction of...I only bought my ACL investment Mid-DEC 2022 with the recent divvy this gives me a holding cost well below $3. That's a 20% upside since Dec thus far. With this in mind...I believe this marriage would have been better value for ACL holders if the re-rate happened prior to the merger. From my perspective I think HLS holders gets more value out of this marriage than ACL holders. But all in all I'm happy with the merger. If the merged entity can deliver on the synergies alone (highlighted below), that's already a bloody good outcome