Ann: Notice of on-market share buyback, page-6

Agreed, however I would argue we are coming out of a low base of advertising spend given the economy was shutdown for 2 years. We now have boarders opening & people beginning to travel which should drive more advertising spend.

The business is down 25% from ATH within a few weeks on the back of no negative news but actually some positive news with a potential agreement with Google & Meta. Management have already given guidance for FY22 if the deal was to proceed.

I can only put this sell off down to emotion as nothing has fundamentally changed over the last few weeks.

In any case as long as the buyback continues at these lower prices this can only be a good thing for shareholders who look out over the course of a few years.