From the recent Merchant Newsletter: This period of time reminds...

From the recent Merchant Newsletter:

This period of time reminds me of about 5 years ago. The market was tough and it was really difficult to make money, however
this time also proved to be a great period for building positions in companies that ultimately became corporate takeover
targets and I think we have a few of those in the portfolio at the moment – HAPA, RMA Global Limited (RMY), Race Oncology
Limited (RAC) & Arovella Therapeutics Limited (ALA) to name a few. For the first time in a little while we are seeing green
shoots in the Mergers & Acquisitions space and as interest rates level off (or come down) I think we will see this space heat
up significantly which should in turn have the MOF testing all time highs toward the end of the 2023 Financial Year and into
FY 2024.