This for me was a very muted 4c in its commentary.The drop in...

This for me was a very muted 4c in its commentary.

The drop in revenue I expected because the service contract work from MUFG to build the industry fund solution had largely been completed.

Management can't provide clarity around contract timing as they have no control over this and I suspect this may put pressure on the SP in the short term.

Some SP pressure may come about because;

• The REST pilot has not yet concluded with no visibility as to when (another 1-3 mths?).
• The pilot's timing will have a bearing on when the other funds will come on board. This affects future revenue timing.
• The clock is ticking to Payday Super.
• Hong Kong build is in the final testing stage. This has taken much longer than I expected.
• Contract negotiations/agreements for all of the above points are in the hands of MUFG not Wrkr.

For some shareholders, I can understand their nervousness of holding here.

In saying all the above, management have better visibility than us and the recent scaling of personnel speaks volumes as to their expectations of winning the business.

I note for the first time that SAP has been mentioned, so I am assuming further commentary on this relationship is to come.

I am pretty excited at @sharpdk post re the sale of Superchoice. The sale price is apparently north of $300M (lets say it's $350M - $400M). If that is the case and Wrkr brings all of MUFG's clients onto the industry fund solution, plus the three HRMIS companies and some leading Payroll companies to boot, it would not be inconceivable (in time) to suggest the MC for Wrkr could reach the same heights, which would give a SP around 0.20c+.
I would think it would be very hard to convince Trent & Joe at this time to depart with their shareholding for anything less than 0.20c.

Ian