Ann: Appendix 4C - 131% growth in ARR and record cash receipts, page-55

I was incorrect. I apologise and would retract if I could...

LVT has always supported its high cost base with high growth. They have had one blip and been hit hard. I think the nature and timing of the market releases, coupled with some spectacular fails/frauds in the small cap Aus tech universe have really lowered appetite and tolerance in the space...

LVT has a high cost base, but it definitely isn’t a fraud. The quality of its partnerships and some senior hires are testament to this...

It also remains the market leader in a huge growth area, with both only being in their infancy re life cycle. This is a land grab. And LVT are paying for it. And it looks horrible on a cash flow statement without any forward projections.

But I’m not in the stock for the 2019 cash flow. I’m in it for 2025 numbers. Yes, they have had a bad quarter on sales. One. Only one. I’m happy to give them a pass on that. I’m certainly far from perfect, and thus I don’t expect it on others.

But I truly believe this will spur them into action. I think they’ll fight, because the leaders of the business are the largest beneficiaries of success of the business. And that means they’re going to fight for us holders.

I’m happy to give them that chance...