Ann: Appendix 4C - quarterly, page-41

Just looking at this stock and I am concerned that they have further to slid (Do not currently own any). Based on the comment of seasonality. They have to be under pressure with restaurants down and Kaddy going to suffer from this in short term.

Synergies are going to cost, and take time.

My understanding is they are trying to pivot to B2C via winery direct - direct delivery and Ebay, amazon etc. Whilst this is a growing space, they seem to be in a razor thin margin business, which is capital intensive. I guess they are going to burn more money? and have to raise more or look to buy direct to consumer businesses with much higher margin to offset the high cost base.

Seems to be a good collection of assets but a real long play, and very early. Is it heading to 1c?

Welcome insights.