Ann: Change of Director's Interest Notice - Lev Mizikovsky, page-11

It all comes down to each shareholder's situation. If you're all in with no other income and need some cash, selling a few shares is your only option (thats me)! If you're Lev and have a steady stream of cash flow coming from a mature business (TWD), you buy what few shares you can as they come available. If you mortgaged all your property to buy shares at the bottom, maybe you need to sell a few shares to make your interest payments. If you started a sunscreen business on the side thats selling out because you dont have enough inventory, maybe you need to fund that unexpected growth somehow? On the other hand, eventually you might also reinvest the profits back into ANO.

Consider this... once the company is included in the ASX200 (no argument about if, just when), you will probably be able to get margin on the stock. Once growth slows down to just double digits, there will be a decent dividend as well. Then there should be no pressing need for any long time holders to sell, if they wanted to buy a Bentley or a motorcycle or a ridiculous sports car with ANO plates or whatever.

At the same time, our buying power will multiply. If I could use margin here to buy more stock, I certainly would.

Average forward P/E of ASX growth stocks is about 40x. ANO probably has the highest growth rate of all in the triple digits, yet the forward P/E is somewhere between 15x and 28x. Guidance of $30m revenue gets us around $15m EBIT and $10m net income. Both volume and price guidance look too conservative... 1500MT at $37/kg would almost double the projected results.

In terms of timing, I think the crazy drops must be behind us. We are ramping into high season and the news going forward should exceed expectations set out in the FY presentation.