FOS Capital

<style>
  /* One place to change the look. --fos-spp-glow should be the FOS brand navy,
     or whatever colour reads best against the header background. */
  :root {
    --fos-spp-glow: #1F3A5F;
    --fos-spp-glow-min: 0.06;
    --fos-spp-glow-max: 0.34;
  }

  /* Targets the nav link by destination, so it keeps working if the hub
     renders the href as a relative path or a full URL, with or without a
     trailing slash. Nothing else on the site is touched. */
  a[href="/share-purchase-plan"],
  a[href$="/share-purchase-plan"],
  a[href$="/share-purchase-plan/"] {
    position: relative;
    font-weight: 700;
  }

  /* The halo is a blurred box-shadow on a pseudo-element with NO background
     fill, so it can never sit over the label. Only its opacity animates,
     which is what keeps the pulse smooth - an animated shadow colour does
     not interpolate reliably. */
  a[href="/share-purchase-plan"]::after,
  a[href$="/share-purchase-plan"]::after,
  a[href$="/share-purchase-plan/"]::after {
    content: "";
    position: absolute;
    inset: -5px -11px;
    border-radius: 8px;
    box-shadow: 0 0 16px 4px var(--fos-spp-glow, #1F3A5F);
    opacity: var(--fos-spp-glow-min, 0.06);
    pointer-events: none;
    animation: fos-spp-nav-breathe 3.4s ease-in-out infinite;
  }

  @keyframes fos-spp-nav-breathe {
    0%, 100% { opacity: var(--fos-spp-glow-min, 0.06); }
    50%      { opacity: var(--fos-spp-glow-max, 0.34); }
  }

  /* Respect the visitor's operating system setting. */
  @media (prefers-reduced-motion: reduce) {
    a[href="/share-purchase-plan"]::after,
    a[href$="/share-purchase-plan"]::after,
    a[href$="/share-purchase-plan/"]::after {
      animation: none;
      opacity: 0.12;
    }
  }

  /* Set by the script below once the offer has closed. */
  html.fos-spp-closed a[href$="/share-purchase-plan"]::after,
  html.fos-spp-closed a[href$="/share-purchase-plan/"]::after {
    animation: none;
    opacity: 0;
  }
  html.fos-spp-closed a[href$="/share-purchase-plan"],
  html.fos-spp-closed a[href$="/share-purchase-plan/"] {
    font-weight: inherit;
  }
</style>



<script>
(function () {
  var CLOSE = new Date('2026-10-02T17:00:00+10:00').getTime();

  function check() {
    if (Date.now() >= CLOSE) {
      document.documentElement.classList.add('fos-spp-closed');
    }
  }

  check();
  // re-check every minute so a tab left open over the close does not keep pulsing
  setInterval(check, 60000);
})();
</script>

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Vested Equity - May 2024.pdf

Please find attached Vested Equities updated research report on FOS Capital released 21 May 2024.

Vested Equities updated research report May 2024