Sparky - Agree. But still good that more options are presenting itself to investors on the NZX.

Re SLI, I have been doing a bit more reading following that article in the NBR. CAC is 2.2 years forcasting to drop to 2.0. Churn isn't bad but that is still a long time before you start making a profit, especially at 75% margin.

Sparky - I think you have said you have a few private (angle type) investments. Are any of these in the SaaS space or is your research in this area due to what you have done on Diligent?