Ann: Update on Software sales & expected FY2024 Result, page-36

I agree with your statements , This business has come a long way in the last 3 years and it's got a very attractive product set and client list. However management are still not very savvy when it comes to listed markets, despite the CEO's long experience with listed companies. The downgrade to guidance was inexcusable, they shouldn't give guidance that depends on landing contacts early in the period. That speculative type of guidance leads to loss of faith by investors and a lower multiple. It they really want to ensure an attractive takeout price then you need a high multiple that reflects investor confidence in a management team that under promises and over delivers. This isn't Richard's first mis step with poor market communication.