Ann: Paygroup to present at Reach Markets webinar, page-5

I think that's exactly the problem. Other than what appears to be unnecessary and expensive capital raises they seem to be ticking all the boxes. I'm reserving my judgement on the capital raising thing until I see what they do with the money. It's profitable so they're not raising to keep the lights on. If they just keep it as cash in the bank then it should be neutral to value. If they can do a good deal with it that gets the MC over $100m then we're in business.