Thanks for the added context.....although I disagree with a couple of points:
- the ANZ business may be tracking okay (albeit profits are still very small), but the US is going to be uncertain for some time and Oct-Dec25 will be key given this is when they are meant to book a decent share of their revenues, and I just don't think a lot will be resolved to enable companies to plan how they spend their money
- the SPP is only $2m and if 66 people take their full allotment, then you are done.......I was initially thinking of ~50% participation, but I suspect they may need to scale it back given how this has played out (although perhaps I'm giving too much credit to investors paying attention....the small fund managers are most certainly going to participate given potential 6-7 week outcome).
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