Ann: SPP Closing date reminder, page-8

It won't pay back quickly. EBITDA of IWS for FY21 is expected to be just $1mill. The strategy has a potential medium to long-term benefit but in the short-term the driver will be the large overhang of shares and the query on management for paying such a high price without the profit-based collateral to do so. They will need to deliver, I think they will, the business itself has been strong but I don't think this acquisition will be a meaningful contributor. Competition is huge. In the meantime I'm expecting quite a bit of pain for shareholders unless they have a rabbit in the hat that we're not yet aware of.