Chuxa just remember that Zoleo was the growth option. From our...

Chuxa just remember that Zoleo was the growth option. From our (and my) perspective it was enticing but the present revenue and margin impact is somewhat immaterial for BCC. RP had the better half.

Take that out and you still have a solid, albeit, lower growth business. Strip out the costs which they have started to do and cut capex to virtually zero and the business looks ok at worst and probably pretty good once the dust settles. Add in 4 payments for Zoleo plus our IP on the devices which RP will need if they want to continue selling, and the business is worth substantially more than the present SP.

Unfortunately the SP is trading on sentiment and uncertainty, which is fair but that will dissipate. Also, I don’t expect a quick turnaround. This now becomes a FY26 story.