Ann: Change of Director's Interest Notice, page-8

Hello. This is an interesting company. It is undervalued based on earnings per share. The problem is the negative cashflow, which was apparent during the previous financial year, if the financial reports were read. The negative cashflow improved greatly in the last half-year financial report. There must have been a large seller because the underwriter of the capital raising did not re-announce becoming a substantial holder again. The underwriter must have been a major seller. This type of negative cashflow vs positive net profit comes from too much inventory. Covid would have caused supply problems and a probable over-purchase of inventory to secure supply. Unlike perishable or fashionable goods, the excess inventory can probably be sold rather than written-off. The company is in an interesting phase. The loans also add pressure to the operating profit however the company is profitable in an accruals accounting basis. Its a matter of balancing the inventory.