Ann: Aquisition of eStore, page-11

EV/revenue of JBH (same product mix, bricks-and-clicks) is around 0.5.
EV/revenue of GEG (different product mix, online) is also around 0.5.
EV/revenue of SHP is sitting at around 0.25 post eStore acquisition.

Too easy to figure out which stock is under-valued at the moment.

Simon, Domenic, Chris, Mark, Paul, Damien, and Lorenzo all know that.

The seller knows that too.

They're still stuck with a chunky holding, now that there are more players and interests coming into the stock. This seller can't screw this thing around like they used to rag-doll it from 4c to 1.1c last year to get mums-and-pops to stop out when the company is yet to prove itself, or get the profits all to themselves now that more big boys are in town possibly at around the same entry price.

The seller also knows that Simon has proven his ability to pull together an acquisition with a cash-and-script offer, and with the company now within striking range to cashflow positivity, Simon doesn't need another dilutive CR, or the $2.1m from SHPOA, which would otherwise line someone's pocket's with a fat underwriting fee, plus more shares to play around in the long run.

Pity those Swish/AdEffective days back in 2012 are now long done, when the company was bleeding losses and needing multiple CRs to effectively give away free shares and options just to survive.

All the seller can do right now is to get the bots to throw a few thousand shares on 1.7c and stake it out behind the 1.8-2.2c stack (for what purpose who knows).

It's only a matter of time before value is realised by the wider public and this thing going north.