Ann: Appointments of CFO and General Counsel, page-33

Latest from Blue OceanToday's 40% share price decline on DGL's 1H24 result feels like capitulation and a value opportunity somewhat reminiscent of Toll Holdings in the late 1990's. The company has been suffering from indigestion after having acquired 28 companies in the past three years. The share price reaction might just be the cure. We spoke with Simon Henry, MD and owner of 54% of the company, after the result. Simon acknowledged that he had gone too hard on acquisitions. He now has eyes on just three potential targets in 2H24 – the smallest number in some time. Additionally, Simon mentioned that 1H24 was a period of planting the seeds for growth in the second half and beyond. He expects capex of just $5m in 2H24 vs. $21m in 1H24. (NB. Net operating cash flow was $19m in 1H24). The company has had a "rip snorting" start to the second half driven by crop protection which had been a laggard in the first half. The rally in Elders share price recently is largely attributable to expectations for a good harvest in Australia – which spurs demand for its crop protection products, many of which are formulated by DGL.