Ann: Response to ASX Query Letter, page-833

A couple of points:

"The ARR estimates have been propelling the SP higher constantly, but they won't as much any more, since ISX have come out and confirmed that they're based on estimates"

Well I have good news for you, the ARR are the actual values, not estimates. They were only estimates back in 2018 not the 2019 values which are actual's.

"Even if it pulls back to 30x forward PE, it's still a high multiple."

More good news, if it gets anywhere near guidance for this Quarter then its pretty much on a forward PE of 30x at the current price! So if it gets close to guidance and the SP drops then the market will be faced with a high growth company on a relatively low multiple.