Ann: Update - Notification of buy-back - ALL, page-10

Thanks for posting that analysis, it's good to read something that brings comfort these days.

I agree with the 'tailwind' points made in the analysis, in the Annual Report and by yourself. But I think more focus needs to go on to the headwinds. As I see it, one of the biggies is the large amount of debt ALL is carrying. Most of it is in $USD, and this is a concern with the sharply rising interest rates there.

Another is the RMG thing. We've moved on from the disappointment of losing Playtech. But the concerns about the lost potential income from that deal, the delays and expenses of getting into the field, and the speed at which they can grow to really compete with existing big players in that field, still remain.

ALL is (strangely) regarded as a kind-of tech stock. To me that's like calling Coles a tech stock because they offer online ordering, but that's they way it is. I think inclusion in this sector will drag on ALL.

Regulation. I think many of ALL's big markets (especially USA and EU) are going to end up more heavily regulated than before, to the detriment of gaming companies.

ALL is in a good position and the management and products are top notch. There are painful months ahead, but at least this is one stock I don't have to lose sleep over.