Ann: Change in substantial holding, page-5

https://spheria.com.au/

As a growing army of investors treat the microcap and small cap universe as a casino, we believe the opportunities for investors who apply disciplined fundamental analysis will continue to proliferate. Often the greatest investments are hiding in plain sight and Spheria’s tried-and-tested investment process – which places cash flow at its core – has a track record of uncovering great businesses long before the crowd takes notice. Importantly, it also helps deliver downside protection during times of turbulence.”