Ann: Expansion of US Retail Distribution, page-21

And there you have it. The value of this company isn't just about making Yowie grow. Its also about the use of those funds, and how to derive a return in excess of the 90 day bill rate.
It really wouldn't surprise me to wake up one day and find that Yow had made a complimentary acquisition that delivered $4-5 mill ebitda on top of whatever Yowie eventually makes. And I am still able to buy this company on an EV of $6 mill