Pre - Investor day : 27th of October 2021- Discussion, page-13

They are pinning hopes on international expansion, extending card partnerships and looking forward to the "reopening" boost that will definitely come at least in the form of increased volumes from the Flight Centre partnership.

Holding dividend payments is fantastic IF these themes play out in the positive, if not then they have just lost all that forced reinvestment.

Personally I'm ok with it as provided they execute well the upside will be dramatically increased, it would be an absolute disaster if they paid dividends now and had to go back to the market to raise more capital at these levels or lower!

AA wants to cash out at several times the marketcap we are now, by several I mean at least 10 fold!

Any raising of capital at these levels would ensure never having any major upside from here IMO, that's why new capital doesn't go near this at the moment, they know full well they can't step in and force a capital raise, push growth in the short term, get a short term pump 1-3x from here then offload, that's the likely outcome IMO if new capital came knocking.

I believe they are putting the right pieces into place and making the right decisions, these lower levels just provide an excellent chance to get in well before any hype, when it runs it will be at least 5-10x in the space of 3-5 years, that run may not start for another year, or not at all, that's the risk when dealing with this speculative end of the market and why it will not take a major part of my capital.