We are not concerned by news that reseller and 9.5% shareholder Aspect Software has filed a petition for bankruptcy protection in the US. There should be no impact on earnings - Aspect is a non-exclusive reseller and is not, we believe, a major contributor to earnings – and, given that bankruptcy is commonly used as a restructuring tool in the US, we see little risk of Aspect becoming a forced seller of its holding in the short term. We continue to see value in the stock at this level