Ann: OVN: 1300SMILES Strategic Collaboration Agreement-ONT.AX, page-3

Hmm, interesting. On the face of it, it would seem a perfect collaboration. Oventus gets a ready made distribution network and 1300Smiles gets an opportunity to tap into the OSA market (which as you well know, is a market which shows no sign of abating, what with obesity and ageing populations).

One way to see this is as a low risk way of tapping into the OSA blue sky. If I'm going to bet on OSA, I would rather do it via my 1300Smiles stake than via a stake in Oventus itself (or even via RMD).

I don't normally like to get too excited, but it would seem a perfect fit. 1300smiles gets a good amount of Oventus' blue sky, and stands to lose very little. Even if Oventus flops, 1300Smiles will come out the other end with an OSA distribution network that will likely be filled by someone else.

I'd have to say Daryl would be reckless not to take it up. Good on him.