Hey Reece,

Just wanted to reach out and say your report on SP3 is great, in particular you think about valuation in the micro cap space exactly like I do; conservative assumptions on what could this business look like in a few years and what is the upside vs downside to that level. To often I think people overcomplicate valuation in the micro caps, the businesses are too small and volatile to model out traditionally.

I don't own SP3 but must admit the quarterly caught my eye and I spoke with the MD last night and came away impressed with his vision for the company over the next couple of years. I think holders will do well and I may become one at some point!