Ann: Appendix 4E and FY22 Financial Report, page-8

Yeah - the issue of another 25 million shares (to settle the $1m BLC merger) will dilute the shareholdings by a further 11%.

Probably staring me in the face, but I couldn't find whether BLC made a net profit this year (after their inaugural profit following 30 years of losses).
Also, after giving the Japan operation the flick (remember - they were the only segment who were capable of washing their own face), we learn the US operation suffered a 33% drop in revenue. WTF??!!

After the 52% drop in cash, the balance sheet was overall weakened by ~20%. Hopefully the M&A activities will "build back better" - but to put things into better perspective, how strong would the balance sheet be if you (rightfully) ignored the "goodwill" figure of $3.4million??

I note management has "global" aspirations for the business. It will be interesting to see how that plays out - especially when the world appears to be heading towards de-globalisation.

Lastly, they have declined to provide any meaningful forecasts - under what now has become the prevalent & convenient excuse of "Covid". I know Ardern has kept most of NZ hysterically enveloped in Covid induced fear (even though more & more people are starting to finally wake up)....but the reality is, most of the rest of the world is fast getting back to normal now - not to mention online sales etc. Based on the financials & their commentary - I can't see why management couldn't have at least provided a "guarded" forecast.