Keep this in mind:72m placement & SPP shares issued at 32cps...

Keep this in mind:

• 72m placement & SPP shares issued at 32cps late 2020
• 29m shares issued at 20cps released from escrow on 1 July 2021 (VPD Group acquisition).
• 8m shares issued at 32cps released from escrow on 1 September 2021 (Reliance IT, Beachhead Group, Altitude IT acquisitions)
• 6m shares issued at 38cps released from escrow on 3 December (Intalock acquisition).
• Plus Regal, Perennial, CS selling down since late 2020.

Some of this has to be a factor in supply. It's an illiquid stock. Take a look at the bid on ST1.

Needs organic growth plus lots of FCF to build cash to fund further acquisitions without dilution. Can't afford to keep issuing scrip.

Would love to see a T50!