Moving On

It will be nice to 'ring fence' the dispute with SMS asap so we can move on with a share price rerate based on the strength of the underlying business.

I think it is also worth pointing out that from what I understand, the hearing on March 10th is about whether SMS have to pay immediately or whether they can convince a judge that there is enough doubt so that the demand does not have to be carried out.

This leads to negotiation / further legal chasing.

From looking into it - it is relatively easy to cast doubt in a judges mind on whether this demand is enforced (they do not allocate much time to decide) and more than likely this would mean the latter - further negotiation etc. I am sure MSV are confident of getting their money or at least a major part of it eventually, but as long as the underlying business performs well then this will take centre stage with the prospect of an add back a bonus.

Any ''victory'' by SMS on the 10th, should the judge decide that the demand is not carried out, should not be seen as much of a failure by shareholders IMO. Rather another stage in the process that hopefully becomes more of a sideshow to the success of the underlying business.