Ann: Pushpay 2020 Interim Results Presentation, page-17

The question is “Am I the last man standing ?”

Company released stellar results on the 6th November, share price has subsequently appreciated near on 20 percent and appears like everybody has left the building. Not a single post on HC for 20 odd days.

Our SP has laboured for the best part of 2019, this at the time when the Company has hit several key milestones. PPH now profitable, generating free cash flow, Operating Expenses in decline (so not just a case of cost containment), Gross Margin expanding and above all, a massive market opportunity ahead. They don’t easily come this good.

I have on several occasions mentioned my view that we have witnessed the managed placement of the original Chris Heaslip shares on-market. HC abounds with conspiracy theories and I certainly don’t blame anybody for dismissing my theory. What I can tell you is that the patterns of trade over the last 6 months supports this view. Furthermore, a Top 20 shareholder list as at 12 Nov (allowing for T+2) shows that the DDS Trustee Services Ltd holding has declined from 26.712 m shares to 16.512 m shares. So a mere 1.8 m shares short of the Heaslip divestment @12 m shares. Top shareholder stake increased by 11.623 m shares (4.22%), two new entrants to the Top 20 register, a fair amount of adding and a fair amount of trimming across the rest.

Convinced we are in the price restoration phase and confident we are now on a path to find fair value. Pity they would have killed off a lot of positive sentiment with Mums & Dads investors, particularly for those early stage investors who were committed to PPH as a future winner. In the their defence, you cannot easily dispose of 12 m shares without decimating the share price. Simply look at the monthly traded volume.

Hopefully this is helpful to those questioning their hold. I for one look forward to the Full Year results on the 6th of May 2020. This Company will get the wider market’s attention in due course. Market Cap will soon break US $ 1 BN. Timing on first acquisition ?

By the way, did you know that December accounts for 31% of the ANNUAL Giving in the USA.

Rokewa