Ann: OneVue Update on Sargon Receivable, page-66

It is an interesting call. It is perhaps a bit of a fishing exercise as Thorney's holding is under water ATM. I don't think that there will be a better offer and I think that AW2 (Andrew Walsh at Iress) will hold his nerve on this. The mention of a holiday without phone calls suggests that Connie has mentally checked out and I don't blame her - it's been a hard slog.

An expected settlement in September will need to be met or OVH's competitors will be chewing away at the client base post FYE processing. That could allow Iress to reduce it's offer and still grab the prize. If this deal does not come off, then 15c is a real possibility by Xmas. The fact that all the other prominent registry disruptors (Grow Super, RD1) have hit their own issues does not so much create an opportunity for a bigger bet on OVH from another bidder - it chases capital out of this niche in the market.

If I were to make a call, I would say an increase to 42.0c to 42.5c is as high as it will get. Given the history of the share price even pre-CoVID, 40c is a good price for most shareholders